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This will result in the total ending Profit and Loss percentages printed on the Schedules K-1 exceeding 100%. The default ending Profit and Loss percentages printed on the Schedules K-1, Part II, item J for all Partners who were involved in a transfer of Interest that resulted in a termination of their interest will be equal to their Profit and Loss percentages immediately before the termination.
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The helpline is free and confidential, and gives one-on-one access to trained wellbeing coaches, financial counsellors and business advisors who can help.Īs a retail tenant or landlord, it’s important to understand your rights and responsibilities under the Retail Leases Act 2003, including in relation to essential safety measures, security deposits, disclosure statements, options and renewals, early rent review and cooling off."Schedule K-1. We encourage all small business people who are feeling stressed or concerned about their business to call the Partners in Wellbeing helpline on 1300 375 330. As a lease is a legally binding agreement, we encourage tenants in this situation to communicate with their landlord as early as possible to discuss their position and options. Some tenants who have seen a downturn in trade might be wanting to end their lease early. If you have any questions, contact the VSBC on 13 8722 or at I end my lease early?
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This is where an independent and experienced professional – the mediator – helps the tenant and landlord to reach an agreement they can both accept.īefore mediation, we encourage tenants and landlords to think about: Help includes assistance early on – often just over the phone – and if the matter can’t be resolved this way, we can arrange a free mediation session. If negotiation hasn’t resulted in a fair agreement or the tenant or landlord has refused to negotiate, either party can apply for our free help. When negotiating, it is important to remember that landlords are no longer required to provide rent relief to their tenants.
When it comes to making and responding to requests for relief and having negotiations, landlords and tenants can choose to be guided by our recommended process. We encourage tenants and landlords who enter into negotiations to do so in good faith. under the previous Scheme (28 July 2021 to 15 January 2022) – to make sure the tenant was eligible and met the Scheme’s requirements, see questions 9 and 12 of our previous FAQs.Īsking for relief and negotiating ‘in good faith’.under the extended Scheme (16 January to 15 March 2022) – to make sure the tenant was eligible and met the Scheme’s requirements, see questions 13 and 16 of our FAQs.
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Dispute resolution under the previous and extended SchemesĮither the tenant or landlord can still apply to us for free help to resolve their dispute: Where they can’t agree, either the tenant or landlord can apply to the Victorian Small Business Commission (VSBC) for free and impartial help to resolve the matter. PLEASE NOTE: the Victorian Government’s extended Commercial Tenancy Relief Scheme (the Scheme) ended on 15 March 2022.Īlthough commercial tenants are no longer entitled to rent relief, tenants and landlords can choose to talk with each other about their situation and try to negotiate and agree on relief going forward.