Financial Relief – WA Commercial Tenants and Landlords
A $154.5m relief package to support tenants, landlords and the construction industry has been announced, of which the WA Government has set aside $100m in relief for commercial landlords.
Below we set out the eligibility requirements.
- Commercial landlords must provide rent relief that equates to a minimum of three months’ rent and freeze outgoings to small businesses starting from 1 March 2020 or from a date thereafter but before 31 May 2020.
- Tenants (small businesses) must have suffered at least a 30% reduction in turnover due to COVID-19 and need to confirm in writing.
- Landlords must not seek to recover the rent and outgoings waiver (in whole or in part) from their tenant(s) at the end of the three month period
- 25% of the landlord’s land tax bill for 2019‑20 for the property in which an eligible tenant is provided relief.
Other things to note:
Applications open 1 May 2020. Landlords need to register their interest by clicking here.
This new package complements the $1.7 billion in relief measures already announced for businesses and households. Should you require assistance with the application of any of the stimulus and relief measures, please contact your local RSM adviser.