Covid-19 Client Update 3
- JobKeeper support
- $250k loans
The third important section for SME relief is the position with Commercial Leasing (not residential).
Attached is the National Cabinet Mandatory Code of Conduct which in summary provides for
- The same turnover hardship assessment done for JobKeeper support applies to the rent reduction.
- By way of example, if the turnover hardship assessment is calculated at 40%, the landlord will be obligated to provide a minimum of
i) 50% of that amount as permanent rent reduction.
ii) The balance of 50% is rental deferral to be recouped over at least 24 months.
Please read the document carefully. You must negotiate fairly and openly with proper documentation which we can assist with. One of the fundamental leasing principles is (Clause 1) Landlords must not terminate leases during the pandemic period for non-payment of rent.
If the rental is a very significant cost and you sense you have an uncooperative landlord, it will be wise to include your lawyer in this matter.
Accounting & Tax
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