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RETAIL AND COMMERCIAL LEASES ACT 1995 - SECT 32

RETAIL AND COMMERCIAL LEASES ACT 1995 - SECT 32

32—Lessor to provide auditor's report on outgoings

A retail shop lease is taken to include provision to the following effect:

            (a)         the lessor must, within three months after the end of each accounting period, give the lessee a written report containing a statement of all expenditure by the lessor in the accounting period towards which the lessee is required to contribute in a form that facilitates comparison with the relevant estimate;

            (b)         the report is to be prepared by a registered company auditor (within the meaning of the Corporations Act 2001 of the Commonwealth) and is to be prepared in accordance with accounting standards (within the meaning of the Corporations Act 2001 of the Commonwealth);

            (c)         the report is to include a statement by the person who prepared the report whether or not the amounts paid by the lessee in respect of outgoings were properly payable by the lessee and whether or not the total amount of outgoings in respect of which the lessee contributed (that is, the estimated total expenditure by the lessor on outgoings) exceeded the total amount actually expended by the lessor in respect of those outgoings during the period concerned;

            (d)         the report may be a composite report (that is, it may relate to more than one lessee) so long as each lessee to which it relates is able to determine from the report whether or not the amounts paid by the lessee in respect of outgoings were properly payable by the lessee;

            (e)         the report need not be prepared by a registered company auditor, and need not comply with paragraphs (c) and (d), if it does not relate to outgoings other than the emergency services levy, water and sewerage rates and charges, local government rates and charges, and insurance so long as the report is accompanied by copies of receipts for all expenditure referred to in paragraph (a).