Retailers urged to lodge retail cash bonds before deadline

By Craig Zammit

SYDNEY: The New South Wales State Minister for Small Business, David Campbell, has urged retailers and their landlords to lodge any retail lease cash bonds for the State Government’s new retail lease scheme, prior to the 1 April deadline.

The new scheme sees the State Government act as a custodian of retail lease bonds. The process also involves no bank fees and once a lease ends, bond money is swiftly returned to tenants.

Minister Campbell has stated that improved disclosure rules will make business easier for retailers and landlords and help reduce disputes.

“The NSW Government has introduced the bond scheme to provide greater security for retail lease bond money, similar to what residential tenants enjoy through the Rental Bond Board,” Campbell said.

“This new scheme will see the State Government act as an independent custodian of retail lease cash bonds, saving landlords and tenants’ time and reducing the chance of disputes.

“A range of new types of business, from internet cafes to nail bars and pet grooming salons, are now covered by the Act for the first time, ensuring they get the protections other retailers enjoy.

"Improved disclosure rules will also make the rights of retailers and landlords clearer before they sign a lease, again making business easier."

Free bond lodgement forms can be obtained by emailing [email protected] or by phoning 1300 79 55 34.

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