The Commercial Tenancy Relief Scheme (CTRS), including retail, aims to alleviate financial hardship faced by tenants and landlords as a result of the COVID-19 pandemic. Eligible businesses can receive the benefit in the form of a proportionate reduction in rent.
Landlords who provide rent relief to their tenants are also eligible for land tax relief (up to 25%). Smaller landlords can also apply for hardship payments if they can demonstrate that their hardship was as a result of the pandemic.
The scheme is available retrospectively from 28th July 2021 and closes 15 March 2022. In order to be eligible for this relief fund you must:
- be a small to medium commercial tenant,
- have an annual turnover under $50 Million,
- be able to demonstrate a decline in turnover of at least 30%, as a result of COVID-19.
To find out more about eligibility and how to apply, click here.
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By Wendy Chamberlain
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With a passion for all things real estate spanning over 20 years, Wendy loves that her role as a Buyers Agent or Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.
