Rent is a major business expense.
There may be tax implications when you give or receive rent concessions as a result of COVID-19. It’s important to understand these changes and your obligations as a landlord or tenant.
The rent concession can be:
- a waiver – the tenant no longer needs to pay the amount of rent that is waived
- a deferral – the tenant still needs to pay the amount of rent deferred but they can pay at a later stage.
This information applies to:
- tenants who receive rent concessions, such as waivers or deferrals, from their landlords
- landlords who give rent concessions, such as waivers or deferrals, to their commercial tenants.
More information here