To Bond Or Not To Bond

The Retail Leases legislation was recently amended to require that security deposits taken by landlords under the Retail Leases Act be lodged with the so-called Retail Lease Bond Scheme. Any interest on security deposits is forfeited to the NSW Government. If there is any disagreement between the tenant and landlord on the allocation of funds when the security deposit is to be released at the end of the tenancy, a dispute is referred to the Registrar of Retail Tenancy Disputes for mediation and if that fails, to the Administrative Decisions Tribunal, Retail Leases Division.

I have strategies to avoid the administrative burdens associated with these changes that I am most happy to share with my clients.