The Victorian Government has extended the Commercial Tenancy Relief Scheme (CTRS) until 15 March 2022.
We are awaiting the updated Regulations but the Victorian Small Business Commissioner’s website has indicated the following:
- Relief is to be available for businesses with an annual turnover of $10 million or less (compared with up to $50 million in previous CTRS) that have had a drop in turnover of at least 30% or more due to Covid-19;
- Where an existing rent relief agreement is in place, landlords and tenants can continue that arrangement and once the Regulations are made available, adjustment can be made for eligibility under the extended CTRS.
- The prohibition on rent increases will also be extended. This also applies to evictions where the landlord and tenant have not undertaken mediation.
If you have any questions about Victoria’s CTRS or require property advice, please contact a member of our Victorian Property Team.
Our previous alerts can be found here.