Victorian Government Announces Extension to the Commercial Tenancy Relief Scheme (CTRS) 2021
On Saturday the Victorian government announced an extension to the 2021 CTRS.
The 2021 CTRS has been extended to cover the period from 16 January 2022 to 15 March 2022 to provide “rent relief and protections for commercial tenants and landlords experiencing hardship through the latest wave of the pandemic”.
According to the government press release:
“The extended scheme 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.
Landlords will be required to provide continued proportional rent relief in line with a reduction in turnover. For example, a business with a turnover of 40 per cent of pre-pandemic levels could only be charged 40 per cent of its rent.
Of the balance, at least half would be waived, with the remainder to be deferred. The freeze on rent increases will continue.”
The proposed new regulations are not yet available for review. Click here to view a copy of the press release:
Author: Cathy Drake