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The NSW government has announced new rental support measures as part of a six-month support package worth $440 million.
The package includes a moratorium on applications for forced evictions due to rental arrears for those financially disadvantaged by COVID-19, and new requirements for landlords and tenants to enter into negotiations over rental payments in good faith.
The package, which will offer rent relief in the form of land tax waivers or rebates, will be equally divided between businesses and residential landlords, the NSW government announced over the weekend.
Treasurer Dominic Perrottet explained that eligible landlords will be able to apply for a land tax concession of up to 25 per cent of their 2020 (calendar year) land tax liability on relevant properties, if they pass the saving on to tenants in financial distress through a rent reduction.
A further land tax deferral for any outstanding amounts for a three-month period will also be offered to landlords who claim the land tax concession.
“This provides a way forward for tenants and landlords so they can reach an agreement during this difficult period and includes an incentive in the form of a land tax reduction,” Mr Perrottet said.
“It's also important that tenants suffering financial distress as a result of COVID-19 will not be blacklisted for the accrual of rental arrears during this time.”
Eligibility
The policy will apply to business tenants with a turnover of less than $50 million that experience at least a 30 per cent reduction in revenue as a result of the COVID-19 pandemic, in line with the mandatory code of conduct announced by the Prime Minister last week.
This will include any business with annual turnover of less than $50 million who is eligible for the Commonwealth’s JobKeeper program.
Mr Perrottet said this will help businesses stay afloat and provide greater surety for tenants and landlords.
“This provides a way forward for tenants and landlords so they can reach an agreement during this difficult period and includes an incentive in the form of a land tax reduction,” he said.
“I thank the many landlords who are already supporting their tenants through this period and the banks for showing flexibility with deferring loan repayments – we are all in this together and need to work together.”
Stay on evictions
Also part of the package is a stay on evictions. Minister for Better Regulation and Innovation Kevin Anderson explained that an interim 60-day moratorium will apply on finalising existing matters, or making new applications to the NSW Civil and Administrative Tribunal (NCAT) for forced evictions over rent arrears related to COVID-19.
Tenants will be protected from eviction until NCAT is satisfied that negotiations have concluded. Any unpaid rent will accrue as arrears during this period.
“We know many people are worried about meeting their financial commitments at the moment. That is why we need more stability for tenants and landlords while the new Commonwealth income support payments are rolled-out, and landlords talk to their bank about mortgage relief,” Mr Anderson said.