Commercial Tenancy Relief Scheme extended in Victoria… again
On the very day the Victorian Commercial Tenancy Relief Scheme (‘CTRS’) was scheduled to end (15 January 2022), the Victorian Government has announced that the operation of the CTRS will be extended to 15 March 2022.
While the updated Regulations are yet to be released, here is what we know so far:
- The extended CTRS will be available to businesses with an annual turnover of $10 million or less and which have suffered a decline in turnover of at least 30 per cent due to COVID-19. The application process for tenants is unclear.
- The extended CTRS will have retrospective operation from 16 January 2022.
- Landlords will be required to provide continued proportional rent relief in line with a reduction in turnover.
- Landlords will not be able to lock out or evict tenants without undertaking mediation through the Victorian Small Business Commissioner.
- The prohibition on rent increases will continue.
- It is expected that payments on existing deferral arrangements will be delayed until 16 March 2022.
- Eligible commercial landlords will continue to receive support through the $20 million Commercial Landlord Hardship Fund while their tenants are eligible for rent relief under the CTRS.
As more information comes to hand and the Regulations are released, we will provide further updates. Stay tuned!
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