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Insights

April 15, 2020

Rent Waivers and Deferrals Announced for SMEs

Published by:
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Peter Hetherington
Rent Waivers and Deferrals Announced for SMEs

The Federal Government has announced small to medium businesses will be granted rental waivers and deferrals under the Code of Conduct.

Landlords are required to offer wavers of rent no less than 50 per cent with the balance in the form of a rental deferral.

Payments of rental deferrals must be amortised over the balance of the lease term and for a period of no less than 24 months.

Who qualifies?

The code will apply to commercial tenancies (including retail, office and industrial), for SME tenants with an annual turnover of up to $50 million.

Those applying must also qualify for the governments JobKeeper program.

When will it come into effect?

The code will come into effect from 3 April and will run for the same period as JobKeeper.

The code has been put into place to help preserve leases, relationships, keep tenants in their property and tenants on the lease.

The code of conduct can be foundhere.

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