RETAIL AND COMMERCIAL LEASES ACT 1995 - SECT 55

RETAIL AND COMMERCIAL LEASES ACT 1995 - SECT 55

55—Lessor to provide auditor's report on advertising and promotion expenditure

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

            (a)         the lessor must give the lessee a written report that complies with this section and details all expenditure by the lessor in each accounting period of the lessor during the term of a retail shop lease on account of advertising or promotion costs to which the lessee is required to contribute under the lease;

            (b)         each report is to be given to the lessee within three months after the end of the accounting period to which it relates;

            (c)         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).