The NSW government has introduced a hardship fund for smaller landlords whose main source of income is impacted by providing rental relief to retail or commercial tenants who have been financially impacted by the 2021 COVID-19 lockdown. Under the scheme, landlords can apply for a payment of up to $3,000 per month, per property affected by an impacted lease.
Landlords that have claimed land tax relief between 1 July 2021 and 31 December 2021 are ineligible for this hardship fund.
In order to be eligible for the payments, landlords musty first satisfy the following criteria:
They have reached a rental abatement agreement to reduce rent payable with impacted tenants, per the Retail and Other Commercial Leases (COVID-19) Regulation 2021;
They obtain the tenant’s approval to disclose terms of the agreement for the purpose of applying for the Fund; and
They retain evidence that the agreed reduction in rent has been applied to the month for which the Fund is being claimed.
Where a landlord is eligible, grants will be paid monthly from the Fund, up to the value of any rental relief provided (to a maximum $3,000 per month per property affected by an impacted lease) and continue for the term of the current rental abatement agreement, or until the relevant provisions are terminated by the government.
Disclaimer: The material and contents provided in this article contains general information and does not take into account your personal objectives, financial situation or needs. It is not intended to be advice and you should not act specifically on the basis of this information alone. If expert assistance is required, please contact Peer Wealth on (02) 8014 7608.