{"id":14106,"date":"2021-12-01T19:25:53","date_gmt":"2021-12-01T19:25:53","guid":{"rendered":"http:\/\/www.16news.com.au\/?p=14106"},"modified":"2021-12-01T19:25:53","modified_gmt":"2021-12-01T19:25:53","slug":"rent-relief-continues-for-small-businesses-impacted-by-covid-19","status":"publish","type":"post","link":"http:\/\/www.16news.com.au\/index.php\/2021\/12\/01\/rent-relief-continues-for-small-businesses-impacted-by-covid-19\/","title":{"rendered":"Rent relief continues for small businesses impacted by COVID-19"},"content":{"rendered":"

Small businesses who are still doing it tough across the State will continue to benefit from rent relief until 13 January 2022, ensuring ongoing support for small businesses over the Christmas and New Year\u2019s Period.
\nTreasurer Matt Kean said as the economic recovery continues, many small businesses are still not back at their pre-COVID turnover and rent is still one of their biggest fixed costs.
\n\u201cSmall business is the engine room of our economy and as we recover from the pandemic we need to make sure we leave no one behind and support impacted businesses as they continue to recover,\u201d Mr Kean said.
\n\u201cContinuing rent relief measures for impacted small businesses will provide a necessary buffer to allow businesses time to get back on their feet and begin to thrive again.\u201d
\nThe\u00a0Retail and Other Commercial Leases (COVID-19) Regulation 2021<\/em>\u00a0rent relief provisions will continue for eligible businesses with a turnover of less than $5 million, a more targeted level of support from the previous turnover threshold of $50 million.
\nMinister for Finance and Small Business Damien Tudehope said landlords will still be required to negotiate rent relief with eligible commercial and retail tenants that are experiencing a turnover decline of 30 per cent or more.
\n\u201cLockdown may be over but there are still small businesses, particularly in our CBDs, that are facing a slower recovery and are continuing to do it tough,\u201d Mr Tudehope said.
\n\u201cAs the State continues to transition out of lockdown, 97 per cent of NSW businesses will retain access to COVID-19 rent relief provisions if they continue to experience a significant decline in turnover.\u201d
\nSmall commercial and retail tenants that would have continued to meet the eligibility criteria for JobSaver or the Micro-business Grant, after ending on 30 November, will remain eligible for rent relief negotiations with their landlords.
\nUnder the Regulation, landlords are required to negotiate rent relief having regard to National Cabinet\u2019s Code of Conduct. As a starting point, rent relief should be proportionate with eligible tenant\u2019s decline in turnover, with at least 50 per cent in the form a waiver, and the balance a deferral.
\nLandlords can access the Commercial Landlord Hardship Fund, which currently provides small commercial or retail landlords with a monthly grant up to the value of any rental relief provided, to a maximum of $3,000 per month per property.
\nAlternatively, land tax relief is available for eligible commercial landowners who have reduced their tenants\u2019 rent due to COVID-19, between 1 July 2021 and 31 December 2021. The reduction in land tax payable is the lesser of:<\/p>\n