BREAKING: commercial landlords and tenants will be forced to abide by a mandatory “Code of Behaviour”, if they are relying upon the Jobkeeper stimulus package and their turnover is less than $50m.
Details coming out in the coming days.
scomo said that the main point he wanted to make was that in the Code will be an overriding PROPORTIONALITY PRINCIPLE – ie the tenants turnover reduction needs to be reflected in the rental waiver.
For example: If a commercial tenant requests a 3 or 6 months rental waiver because they had to close doors (ie no revenue), then the landlord can:
– extend the overall lease by that 3 or 6 months period; or
– agree to a different amount of rent repayments during the current lease period
Other details known:
** It does not apply to banks, but they are encouraged to participate in Team Australia
** If your revenue has not been impacted, you need to meet your obligations to your landlord
** A mediation facility will be offered to landlords and tenants to help with any disputes
** CTH Gov will be required to act as a model landlord
