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Some key date coming up for October and November. Also more JobKeeper reminders.

I know you have probably been bombarded with information on...

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The COVID-19 Pandemic has forced business to restructure their affairs and adapt to the new landscape. Government too has the opportunity to...

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As part of the federal Government’s JobMaker Plan, announced in the budget, eligible companies will temporarily be able to carry back tax loss. This...

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Commercial Tenancies Mandatory Code of Conduct

Big shout out to Clifford Gouldson for this great article: The Prime Minister held a further press conference on 7 April 2020 to, amongst other things, reveal that the National Cabinet had agreed to the terms of a mandatory Code of Conduct to govern the relationship between landlords and small-medium enterprise tenants who may be in financial distress due to the COVID-19 pandemic.

The concept of the mandatory Code being introduced was not new, having been flagged by the Prime Minister in his press conference on 3 April 2020. The release of the Code has put an end to weeks of speculation and uncertainty for landlords and tenants alike who have been waiting for further guidance before negotiating rent relief for tenants in financial distress. The text of the Code can be found here:  https://www.pm.gov.au/sites/default/files/files/national-cabinet-mandatory-code-ofconduct-sme-commercial-leasing-principles.pdf

 
While stressing that each leasing arrangement is unique, the Code sets out certain principles which must be applied in negotiations between landlords and tenants. The Code is mandatory where the tenant is eligible for the Government’s JobSeeker program (requiring turnover of less than $50 million and a fall in revenue of at least 30%) and will remain in effect while the JobKeeper program is operational. The Code also expresses a desire that other landlords and tenants who are not bound by the Code may also wish to negotiate their arrangements in line with the principles set out in the Code.  Read the Full Article