News / Changes to Commercial Building Disclosure program beginning 1 July 2015 /
Changes to Commercial Building Disclosure program beginning 1 July 2015
5 March 2015
Changes to the Commercial Building Disclosure program (CBD) outlined in the Building Energy Efficiency Disclosure Amendment Act 2015 (Cth) (the Act), which received Royal Assent on February 25 2015, will become operational at the beginning of the new financial year. What effect will this have on commercial property transactions?
It is a requirement of the CBD that energy efficiency ratings are provided when commercial office space of 2000 square metres or larger is being offered for lease or sale. The Act makes a number of administrative amendments to the way these transactions transpire including:
- Transfer of property between wholly owned subsidiaries will be exempt from the Building Energy Efficiency Disclosure Act 2010 (Cth) saving businesses money and time.
- Standard energy efficiency guidance documentation will no longer be included on Building Energy Efficiency Certificates (BEECs), with more interactive and up to date information being made available online by the Government.
- Business owners will be allowed to determine commencement dates for BEECs that are later than the date of issue giving businesses the ability to proactively maintain current BEECs for their properties.
For more information please contact:
Rebecca Castley | Partner
t +61 7 3224 0211
f +61 7 3224 0333