Retail Leases Act 2003

A retail premises lease is taken to provide as set out in this section.

The landlord must prepare a written statement that details all expenditure by the landlord in each accounting period of the landlord during the term of the lease on account of advertising or promotion costs to which the tenant is required to contribute under the lease.

The advertising and promotion statement must be—

made available to the tenant at least once for expenditure during each of the landlord's accounting periods during the term of the lease; and

given to the tenant within 3 months after the end of the accounting period to which it relates; and

in the case of a statement given under paragraph (b), accompanied by a report prepared by a registered company auditor (within the meaning of the Corporations Act) that confirms whether the statement correctly states the landlord's expenditure during the accounting period in respect of advertising or promotion costs to which the tenant is required to contribute.

The advertising and promotion statement must be prepared in accordance with relevant principles and disclosure requirements of applicable accounting standards (in force from time to time) made by the Australian Accounting Standards Board.