The NSW government has introduced the Commercial Landlord Hardship Fund to provide grants to eligible small landlords of up to $3,000 per month for each retail or commercial tenancy.
Who is eligible?
Small commercial and retail landlords who:
- will suffer financial hardship if they reduce the rent to be paid by tenants financially impacted by COVID-19 in accordance with the Retail and Other Commercial Leases (COVID-19) Regulation 2021; and
- have not claimed any land tax relief for rent reductions provided between 1 July 2021 and 31 December 2021.
To be eligible, a Landowner must:
- have total taxable land holdings of less than $5 million (as at 31 December 2020) excluding the value of a principal place of residence
- have not claimed land tax relief for rent reductions between 1 July 2021 and 31 December 2021
- have gross rental income as their primary source of income (gross rental income being more than 50% of total assessable income) for the 2019-20 financial year
- own property subject to the Regulation
- attest that providing rent relief to the tenant(s) may cause financial hardship to the landlord
The grant will be equal to the value of the reduction in rent provided to the tenant in each month from August 2021, capped at $3,000 per month per eligible tenancy.
How to Apply?
Applicants must apply online via the Service NSW website. Details on the required documentation and further information is available at Service NSW.
If you would like to discuss your eligibility for this grant or how this change affects your retail or commercial lease, or your business generally, please call a member of Property Group on 9525 8688 or email Rebecca Flynn at email@example.com.