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extension to the retail and other commercial leases (COVID-19) regulation

29 September 2020
natalie zomaya
Read Time 2 mins reading time

The NSW Government announced last Wednesday that the Retail and Other Commercial Leases (COVID-19) Regulation (Regulations) will be extended until 31 December 2020.

what does this mean for tenants?

Tenants who are an ‘Impacted Lessee’, meaning:

  1. they qualify for JobKeeper; and
  2. have an annual turnover for the 18/19 financial year of less than $50 million,

will continue to have access to the benefits granted to them under the Regulations, including rental relief, until 31 December 2020.

It is important to note that if a Tenant seeks to obtain the benefit of the extended Regulations in November and December, they must re-establish to their Landlord that they are an Impacted Lessee by:

  1. giving the Landlord a statement that the Tenant is an Impacted Lessee; and
  2. providing evidence to the Landlord that the Tenant is an Impacted Lessee.

What does this mean for landlords?

If a Landlord’s tenant is an Impacted Lessee in the months of November and/or December, Landlords are required to extend the rental relief granted to their tenant for November and/or December.

However, to relieve some of the financial burden on Landlords, the NSW Government has also announced that some Landlords will have access to up to 25% in land tax concessions if they grant rental relief to their tenants who are Impacted Lessees for the months of November and December. This is in addition to the concession that was provided to Landlords who had granted rental relief between April and September.

Please contact our office if you would like clarity on what the Regulations may mean for you, or if you require assistance in negotiating rental relief for the remainder of the year.

stay up to date with our news & insights

extension to the retail and other commercial leases (COVID-19) regulation

29 September 2020
natalie zomaya

The NSW Government announced last Wednesday that the Retail and Other Commercial Leases (COVID-19) Regulation (Regulations) will be extended until 31 December 2020.

what does this mean for tenants?

Tenants who are an ‘Impacted Lessee’, meaning:

  1. they qualify for JobKeeper; and
  2. have an annual turnover for the 18/19 financial year of less than $50 million,

will continue to have access to the benefits granted to them under the Regulations, including rental relief, until 31 December 2020.

It is important to note that if a Tenant seeks to obtain the benefit of the extended Regulations in November and December, they must re-establish to their Landlord that they are an Impacted Lessee by:

  1. giving the Landlord a statement that the Tenant is an Impacted Lessee; and
  2. providing evidence to the Landlord that the Tenant is an Impacted Lessee.

What does this mean for landlords?

If a Landlord’s tenant is an Impacted Lessee in the months of November and/or December, Landlords are required to extend the rental relief granted to their tenant for November and/or December.

However, to relieve some of the financial burden on Landlords, the NSW Government has also announced that some Landlords will have access to up to 25% in land tax concessions if they grant rental relief to their tenants who are Impacted Lessees for the months of November and December. This is in addition to the concession that was provided to Landlords who had granted rental relief between April and September.

Please contact our office if you would like clarity on what the Regulations may mean for you, or if you require assistance in negotiating rental relief for the remainder of the year.