(a) the
lessor’s reasonable expenses directly attributable to the operation,
maintenance or repair of the centre or building and areas (
"associated areas" ) used in association with the centre or building; and
(b)
charges, levies, premiums, rates or taxes payable by the lessor because the
lessor is the owner or occupier of—
(i) the centre or building; or
(ii) the
land on which the centre or building is situated; and
(2) An outgoing mentioned in subsection (1) may be
either an apportionable outgoing or a specific outgoing and the sum of the
apportionable outgoings and specific outgoings is the lessor’s outgoings.
(3) However, lessor’s
"outgoings" do not include—
(a) land tax payable on the land on which the
centre or building is situated; and
(b) expenditure of a capital nature,
including the amortisation of capital costs; and
(c) contributions to a
depreciation or sinking fund; and
(d) insurance premiums for loss of profits;
and
(e) payment of an excess in relation to a claim on the lessor’s
insurance policy for the centre or building or associated areas; and
(f)
lessor’s contributions to merchants’ associations and centre promotion
funds; and
(g) payment of interest and charges on amounts borrowed by the
lessor.
Examples for subsection (3)(b)—
1 Costs and expenses of or
incidental to the building or extension of, or major improvement of a
structural nature to, the centre or building or associated areas, are
expenditure of a capital nature.
2 Replacement costs of major items of plant
and equipment in the centre or building are expenditures of a capital nature.