On Wednesday the Victorian Government announced by press release that it was reintroducing the commercial tenancy rent relief scheme which operated from May to December of last year. That scheme permitted JobKeeper employers with turnover of less than $50 million to seek rent relief from their landlords proportionate to their [...]
Last Thursday, Victorian Treasurer Tim Pallas announced the Budget plans for 2021/22. The property sector in particular will be significantly impacted as a result of the announcements made. The table below outlines the changes announced and proposed start date. Tax Change Effective on Stamp Duty Premium stamp duty introduced Premium [...]
It’s surprisingly common for home owners to engage builders to undertake domestic building works without that arrangement being supported by a written building contract. Sometimes the only documentary support is a written quotation, which may not be compliant. Home owners may be tempted to agree to go ahead in such [...]
The Victorian Government confirmed on 22 December 2020 that the rent relief period under the COVID-19 Omnibus (Emergency Measures) Act 2020 (Act) and the COVID-19 Omnibus (Emergency Measures) (Commercial Leases and Licences) Regulations 2020 (Regulations) are extended up until 28 March 2021. There has been no substantive change to the [...]
If a discretionary trust (therefore a special trust) holds residential land in New South Wales the trust will be liable for additional land tax and stamp duty purchaser stamp duty if any one of the potential beneficiaries is a foreign person. To avoid these additional charges a discretionary trust needs [...]
Thank you to those who joined the webinar yesterday, it was a successful session! The webinar was presented by David, Michael and Thomas. The following topics were covered: The Victorian Government extends COVID commercial premises rent relief scheme - what you need to know whether as a landlord or tenant; [...]
In our Property Update released on 4 May 2020 we commented on the new Victorian Regulations which provided certain tenants of commercial premises with the right to negotiate rent relief measures with their landlords. Eligible tenants were those with turnover of less than $50 million and who were participating in [...]
New Victorian Regulations designed to mitigate the effect of the COVID-19 (coronavirus) pandemic on “eligible leases” in Victoria have finally been released. They shall apply retrospectively from 29 March 2020. A Mandatory Code was announced by the Federal Cabinet in April 2020, but this contained high level “leasing principles” only [...]
The Prime Minister announced yesterday the introduction of The Mandatory Code of Conduct (the Code). The Code sets out a series of guidelines for negotiated solutions to financial distress caused by the COVID-19 crisis in the commercial leasing context. It addresses, among other things, tenant relief eligibility requirements, mandatory rent [...]
Following our previous update on the escalating COVID-19 situation in the commercial lease context, the Prime Minister has just announced a 6 month moratorium on termination of commercial and residential tenancies for non-payment of rent. There have also been additional reports today that Banks will allow commercial landlords with loans [...]
