Minister for Small Business David Campbell has said that NSW retail tenants will benefit from a free Iemma government information pack on legislative amendments that cuts red tape and offers them greater certainty.

Mr Campbell said 30,000 copies of the Protect Your Lease pack were available for distribution to retail tenants around the State.

“The Iemma government’s new direction for retail leases strengthens and improves the legal framework for both tenants and landlords,” he said.

More than 32 percent of Australia’s retail market is based in NSW, injecting AUS$12.9bn into the State’s economy and employing more than 490,000 people.

The Department of State and Regional Development designed the pack as a one-stop folder in which retail tenants can keep copies of their lease documents along with relevant information from its Retail Tenancy Unit.

The Protect Your Lease pack includes:

• Advice about retail tenants’ rights under the Retail Leases Act • A copy of the NSW Retail Tenant’s Guide

• Information on the new retail lease bond scheme • Information on Retail Tenancy Unit services

“This information pack is the next step in our new direction to help retail tenants maintain their leases and better relationships with their landlords,” Mr Campbell said.

Key features of the amended Retail Leases Act include:

• Extending the Act to cover modern specialty businesses such as internet cafes, pet grooming salons, nail bars and aquarium shops • Introducing a retail bond scheme, similar to the residential bond scheme, better securing bond monies for tenants and removing the need for landlords to set up separate bond accounts for each tenant cutting their paperwork, reducing the risk of costly litigation and saving them time and money

• Providing landlords with greater certainty, as retailers must inform them if they plan to on-sell the lease and giving the landlord approval before a lease can be reassigned.

Campbell stressed the importance of studying lease documents and good record keeping.

“Other tips include researching the performance of previous tenants to identify any pertinent issues to a lease, the importance of proper legal advice, understanding the costs of ending a lease prematurely, and how to exercise lease options,” he said.

There is also information on how the Retail Tenancy Unit can support small business owners and operators if problems do arise.

Protect Your Lease packs will be distributed to retailers through Department of State and Regional Development offices, local chambers of commerce, business enterprise centres and local councils.

Copies can also be ordered by contacting the Retail Tenancy Unit: phone +61 1300 795 534 or email [email protected]