About Product
This is a legal agreement to reduce the rent on commercial, residential or rural property. It can also be used by a SMSF trustee landlord to reduce the rent on a lease of property with a related party.
► $129.00 (inc GST) - OR provided under your unlimited membership
► The master document has been signed off by Abbott & Mourly and is congruent with Australian law.
General Information
Due to the COVID-19 economic and business crisis, many businesses are struggling with poor cash flow. Some landlords are taking reduced rent, or a rent waiver for a period of time.
This includes SMSF Trustees with related party lessees. The Commissioner of Taxation has stated that he will turn a blind eye to any compliance issuen this regard.
Benefits
- Easy and quick to use.
- A bona fide legal Rental Reduction Agreement that operates by way of a binding deed not a simple non-enforceable minute.
- It does not supplant the existing lease agreement but simply changes rent and potentially use of premises; such as sub-letting.
- The agreement has been signed off by lawyers Abbott & Mourly.
- The agreement can be rolled over to a new one, if the term expires and the business is still in trouble. The Commissioner has given compliance relief to 30 June 2021 - see FAQs.
Frequently Asked Legal Questions
Does it change the existing lease agreement?
Is this document a legal document?
All master documents have been signed off by Abbott & Mourly lawyers. Tony Anamourlis of Abbott & Mourly advises that “at no time, due to inbuilt legal protection and security measures can a user change or amend a document on the LightYear Docs platform that has been signed off by a practicing solicitor. To do so would result in the user drafting a document of a legal nature and engaging in the provision of legal services. In addition, it would be a breach of copyright. In our opinion when completing the form fields through the LightYear Docs platform, users and their employees are merely carrying out an administrative task which is not the provision of legal advice.”
However in some complex areas such as the insertion of a varied range of client instructions into a Will or other such documents the user must be mindful of the extent to which a document is being drafted by the user rather than merely the administrative task of completing a form where the relevant fields are inserted into the reviewed and signed legal document provided by Abbott & Mourly.
The above advice is born out of numerous cases dating back to Re Sanderson, Ex parte Law Institute of Victoria [1927] VLR 394, 397 where the Court held:
“if a person does a thing usually done by a solicitor, and does it in such a way as to lead to the reasonable inference that he is a solicitor – if he combines professing to be a solicitor with action usually taken by a solicitor – I think he then does act as a solicitor.”
Likewise in ACCC v Murray (2002) 121 FCR 428, 448 where Murray was building a franchise business that involved the legal writing and drafting of Wills from scratch based on the client’s personal circumstances. The Court held that this process was legal work.
Is the document easy to read?
All LightYear Docs products are written in plain English and assessed for readability. If at any time you come across any errors, please contact support@lightyeardocs.com.au.
What lawyers sign off on the LightYear Docs documents?
All LightYear documents are prepared and signed off by Abbott & Mourly from Melbourne, Sydney and Brisbane.
Are the LightYear Docs documents reviewed regularly?
All LightYear Docs documents form part of the LightYear Docs internal review process. We review all documents at least annually or when required to do so due to changes in legislation. Further details of this process and a review schedule is include on this website.
Can I get a sample of this document?
Yes, please email support@lightyeardocs.com.au to request a sample document for you to review.