The extended Regulation, now expiring on 31 December 2020, can be found here.
Further guidance by the Queensland Small Business Commissioner can be found here.
A brief snapshot:
- Entitlement to claim relief for the extension period (1 October 2020 to 31 December 2020) is now based on SME tenants showing at least a 30% turnover drop in July/August/September 2020 compared to the same period last year.
- Tenants can no longer demand rent waivers. Owners therefore only have to (logically) grant rent relief deferrals proportionate to the turnover drop.
- 1/24th instalments of agreed deferred rents for the initial response period to 30 September 2020 can start to be collected from 1 October 2020.
- Owners are still unable to take 'prescribed action' until 1 January 2021 - so still a bar on recovery and for any failure to open/trade for the core trading hours.
- Owners and tenants can still do deals on their own terms - but, if the lease is caught by the Regulation, cannot agree to implement rent increases until 1 January 2021.
Cooper Grace Ward is a leading Australian law firm based in Brisbane.
This publication is for information only and is not legal advice. You should obtain advice that is specific to your circumstances and not rely on this publication as legal advice. If there are any issues you would like us to advise you on arising from this publication, please contact Cooper Grace Ward Lawyers.
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