On Thursday 20th August the Victorian Government extended rent reductions for small businesses that continue to be adversely impacted by Covid-19.
Commercial landlords will now be required to provide rent reductions to tenants ‘in proportion’ with falls in their turnover. “Up until now, that proportionality principle has been aspired to, but we will now make it a very clear and expressed intention that, if you’re identifying a downturn in your capacity, your turnover, then you should have an expectation that that is similarly reflected in terms of the rent relief that you get”, the Treasurer of Victoria, Mr. Pallas said.
The Victorian Government will also extend the ban on evictions and rental increases until 31 December 2020.
For landlords, those who provide outright rent waivers of at least 50% for three months will be eligible for an additional 25% reduction in their land tax bills, while small landlords will be able to apply for $3,000 in hardship funding.