A short reminder that the amended Retail Leases Act 2017 (NSW) will commence on 1 July 2017. The key amendments were outlined in our December and February publications, and include:
- Any payments charged for services provided by a landlord are not classified as outgoings
- Most online transactions will be removed from the calculation of turnover rent
- Landlords are prohibited from accessing and reclaiming mortgagee consent fees
- Authority of the Civil and Administrative Tribunal increased
- Five-year minimum term for retail shop leases will be removed
- More onerous responsibilities on lessors in creating a disclosure statement
- Leases used wholly for certain non-retail purposes will be excluded from the Act
- New requirements for the return of bank guarantees to lessees
Our earlier articles explain these changes in more detail. Ensure you are prepared for these changes commencing 1 July 2017.