Retail and Commercial Security Bonds FAQ
How do I access Retail and Commercial Security Bond forms?
Retail and Commercial lodgement, refund, change of management and other forms can be downloaded from the Office of the Small Business Commissioner (OSBC) website at Retail Bonds page. Printed forms are to be filled-in and signed by all parties. Completed forms are to be sent to -
Office of the Small Business Commissioner
GPO Box 1264
ADELAIDE SA 5001
Only original forms will be accepted by the OSBC. It is a requirement under the Retail and Commercial Leases Act 1995 to collect original signatures, which will be used to validate bond transactions. For example, the signautres on bond claimes are compared to the signatures collected from original lodgements or change of management forms.
Is GST payable on Retail and Commercial Bonds?
No. Under the New Tax System (Goods and Services Tax) (Exempt Taxes, Fees and Charges) Determination 2011 (No.1) Volume 7 part 6 South Australia and Retail and Commercial Leases Act 1995 does not attract a GST component.
How are bonds lodged?
To lodge a bond you must download a Retail and Commercial Lodgement of Security Bond form from the OSBC website.
Once the form is completed and signed by both parties, submit it to the OSBC for processing and lodgement of your security bond payment. Payment can be made out to the Retail Shop Leases Fund by Cheque, Money Order or via Direct Debit (form available from our website).
It's important to make sure that you have calculated your bond payment correctly. It is to be calculated as follows:-
Amount of rent per calendar month X 12 (months) ÷ 365 (days/year) X 7 (days/week) = rent per week or alternatively the amount of rent per week X 4 (weeks).
My change of management form has been returned because a signature did not match. What do I do now?
The OSBC matches the signatures of Lessee/s and Agent's / Lessor's with the signatures registered with the OSBC via Bond Lodgement and / or Change of Management forms. If the signatures do not match, then the form is usually returned to the Agent / Lessor to be re-submitted.
The notice covering the return will set out the OSBC requirements, including:
- Submission of a new form with signatures signed in the same manner as the original signature held by the OSBC and / or;
- A copy of a driver's licence provided as verification; and / or
- Any other documentation that verifies ownership of premises or position of employment and authority within a business / agency.
How do I claim a Bond Refund?
When the tenancy / lease has ended, you can make a claim for a refund for all or part of the bond.
A lessee or lessor / agent can make claim against a bond by completing a bond refund form (found on our website) and sending or delievering the original signed copy to this office. Please ensure the form is completed correctly and fully, as this will assist the office in locating the bond and supposting documentation and completing the refund as quickly as possible.
When you lodge the completed claim form, your must include your electronic funds transfer (EFT) details.
What do I do if my refund hasn't been paid out due to a signature not matching and/or I have changed my name?
If you have changed your name by marriage or by deed poll, submit a copy of the Marriage Certificate or Change of Name Certificate and driver's licence with the form when it is submitted to the OSBC. If signatures on the form cannot be verified, the OSBC will send out a Notice of Claim letter to either party to stipulate that signatures differ and require:
- verification to be provided for bond to be refunded; e.g. driver's licence; or
- submission of a new form with signatures signed in the same manner as the signature held by the OSBC; or
- for Agent's to download a new Agent's Authority Signatories form when new Property Managers have joined the team or existing agents have left.
If a form is rejected for a second or subsequent time, then the notice of claim letter is to expire and the security bond will be paid out automatically as per the original refund request.
What happens if one of the parties don't agree to the payout of a Retail and Commercial Security Bond?
If a Notice of Claim letter (dispute application) is returned to the OSBC within the nominated time frame (7 working days) from either party disputing the payout of a Retail and Commercial Security Bond, the bond will be suspended. A dispute file will be created and referred to the Adelaide Magistrates Court to resolve the dispute.
Dispute resolution process
The Case Management Team will contact both parties to advise that a dispute has been referred to the Adelaide Magistrates Court to reach a mutual agreement about the payout of the security bond.
My co-lessee has gone overseas and cannot sign the refund form, what happens now?
If one Lessee on the bond can be contacted, the OSBC will accept a signed Declaration Authority (which is located on the back of the Retail and Commercial Security Bond Refund form) authorising the release of the bond to the nominated Tenant. This authorisation must be signed on the form when it is submitted ot the OSBC.
I provided my bank account number for my bond repayment. Why was a cheque issued to me?
The OSBC will not issue repayments by EFT where there is a risk of fraud due to:
- the bank details provided have been altered or over-written;
- your signature not being able to be matched.
In other cases, the bank may not be able to complete the transfer, usually due to an error in the account number. Should this occur, the funds will be returned to the OSBC and a cheque will be forwarded to the address provided.
I have made a valid claim for refund, but I have not received my bond back?
The OSBC will only hold the repayment where we are unable to make the repayment by EFT or no (or an incorrect) forwarding address was provided to which we can send a cheque to.
For any enquiries regarding a bond refund, contact us directly via phone or e-mail.
I have requested to be notified by e-mail of a bond lodgement or refund, but have not received it?
If you are unable to find an OSBC notification e-mail sent to you as part of a lodgement or refund, your e-mail provider might be treating the OSBC notification e-mail as junk and places these e-mails in your junk folder. If your junk folder contains an OSBC notification, you can open these e-mails in the junk folder and mark the sender as safe. This will ensure that you can receive future OSBC e-mails into your inbox.
For assistance, with any of these matters, please call the Office of the Small Business Commissioner on Toll Free 1800 072 722 or 08 8303 2026 or visit www.sasbc.sa.gov.au. Alternatively, you can e-mail firstname.lastname@example.org.