Extension of Commercial Tenancy Relief
On 23 October 2020, the NSW Government published the Retail and Other Commercial Leases (COVID-19) Regulation (No 2) 2020 (NSW), which commenced on 24 October 2020.
The key aspects of this regulation that are different to the previous COVID Regulation are:
Tenants that have already been receiving rent relief under the Retail and Other Commercial Leases (COVID-19) Regulation may seek further rent relief from 25 October 2020 to 31 December 2020. The extension of the period to 31 December 2020 will not result in current rent relief arrangements being automatically extended.
A tenant may make further requests to renegotiate rent but it may not relate to rent for a period for which rent has already been reduced, waived or deferred following a renegotiation.
The new Jobkeeper eligibility requirements apply to tenants from 24 October 2020.
Eligible landlords that reduce the rent of eligible tenants between October and December 2020 can apply for a land tax concession on relevant properties. The concession will be applied to any unpaid 2020 land tax liability, and refunds will be issued for payments already made in 2020.
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