Tasmania’s retail leasing laws will now have a modern regulatory framework following the passing of the Retail Leases Bill 2022 through both Houses of Parliament today.
The old framework was 25 years old and in need of updating, and the Bill delivers a modernised regulatory framework for retail leasing that is fair and provides certainty for both tenants and landlords.
It also ensures Tasmania’s laws are more consistent with other jurisdictions and includes arrangements in relation to rent payment, calculation and review, as well as disclosure statements, renewal and termination of leases, security deposits, indemnities and a dispute resolution framework.
Retail trade is a significant contributor to the Tasmanian economy and this will ensure the regulatory framework is contemporary, clear, and balances the interests of both tenants and owners.
Thank you to all stakeholders who provided significant input to the Bill during its development, particularly the Law Society of Tasmania and the Property Council, whose feedback has informed the final version of the Bill.
To provide sufficient time for Regulations and other subordinate instruments to be drafted, the current Fair Trading (Code of Practice for Retail Tenancies) Regulations 1998 will continue to apply until the other provisions of the Retail Leases Bill are proclaimed.
The Department of Justice will work with stakeholders on the implementation of the new legislation, including consulting on the development of supporting Regulations, Retail Leases Guide and other elements to support and give effect to the Bill.
