A reminder that applications are now open for small businesses with turnover less than $50 million. Under this scheme, tenants apply to their landlords for a reduction in the rent based on their turnovers dropping by at least 30% over a three month consecutive period compared to the same period in 2019. The relevant period starts 1 April and ends on 30 September, so in effect there are two quarters to look at.
If eligible, tenants negotiate with landlords to have the rent reduced and the requirement is the reduction in rent should match the turnover drop – i.e. 40% drop in turnover should mean a 40% drop in rent. Of this drop, half should be waived and half deferred. The rent relief will be provided between 1 October to 15 January 2022.
Eligible tenants will need a letter from their accountant to verify the turnover reduction and will then need to provide the other documents with this to their landlord.
If you need any assistance with your eligibility for this relief, please do not hesitate to contact us.