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LEASES (COMMERCIAL AND RETAIL) ACT 2001 - SECT 64 Working out turnover rent

LEASES (COMMERCIAL AND RETAIL) ACT 2001 - SECT 64

Working out turnover rent

In working out turnover rent under a lease, the lessor or tenant must take into account the amount of the tenant's turnover, less the following amounts:

        (a)     the amount of a loss incurred in the resale or disposal of goods reasonably purchased in the ordinary course of business from a customer as a trade-in;

        (b)     deposits and instalments received for a lay-by, hire-purchase or credit sale, that are refunded to a customer;

        (c)     refunds on a transaction if the proceeds of the transaction have been included as part of turnover;

        (d)     service, finance or interest charges payable by the tenant to a financier in relation to the provision of credit to customers other than commissions on credit or store cards;

        (e)     the price of merchandise exchanged between premises of the tenant if the exchange is made only for the convenient operation of the tenant's business and not to conclude a sale made at, in, from or on the leased premises;

        (f)     the price of merchandise returns to shippers, wholesalers or manufacturers;

        (g)     the proceeds of sale of the tenant's fixtures and fittings after their use in the conduct of the business at or from the premises;

        (h)     a discount allowed to a customer in the course of business;

              (i)     written-off uncollected credit accounts;

        (j)     an amount directly or indirectly attributable to GST;

        (k)     the net amount paid or payable by the tenant directly or indirectly attributable to a purchase tax, receipt tax or other similar tax imposed at the point of sale or hire of goods or services;

        (l)     delivery charges;

        (m)     proceeds of goods sold on consignment, other than a commission kept in relation to a sale;

        (n)     sales of lottery and similar tickets, other than commissions.