05/10/2020
On Friday, the Victorian Government extended the retail leasing rent relief Regulations until 31 December 2020.
Tenants will be eligible for rent relief if they are participating in JobKeeper and have a turnover of less than $50m.
Landlords must give rent relief that matches tenants downturn in turnover.
For example, if rent is $2,000 per month and the tenant's turnover has decreased by 70%, the landlord must offer 70% rent relief ($1,400)
Out of this rent relief, half must be waived ($700) The other half can be deferred - be repaid later ($700).
Tenants can start repaying deferred rent from 31 December 2020 until either 2 years from now or the end of the lease - whichever is longer. No fees or interest can be charged.
Where rent is deferred, landlords must offer a Lease extension matching the amount of months that rent is deferred.
Rent relief will apply from the date tenants ask for it, so if you are a tenant you should do this ASAP!
If you or anyone you know needs help, please get in touch!
