sec.41Promotion and advertising

sec.41 Promotion and advertising

This section applies if— a lessee under a retail shop lease is required to pay amounts for promotion and advertising of the retail shopping centre ( promotion amounts ) in which the leased shop is situated to the lessor or an entity to which the lessee is required under the lease to be a member; and under the lease, the promotion amounts are not treated as part of the lessor’s outgoings. The lessor must only apply promotion amounts for promotion and advertising directly attributable to the centre. To remove any doubt, subsection (2) does not prevent the lessor from applying promotion amounts for joint promotions and advertising with other retail shopping centres. The lessor must make available to the lessee a written statement of the lessor’s expenditure for promotion amounts (the audited annual statement ) within 3 months after the end of the period to which the statement relates. The audited annual statement must— be prepared by a registered auditor in accordance with auditing standards generally accepted in the Australian accounting profession; and contain the auditor’s opinion on whether the statement presents fairly the lessor’s expenditure during the accounting period for promotion amounts. If all or part of a promotion amount paid for a period by the lessee is not spent during the period, the lessor must carry forward the unspent promotion amount to be applied towards spending on promotion and advertising of the centre. s 41 amd 2000 No. 19 s 19 ; 2016 No. 21 s 36 (sec.41-ssec.1) This section applies if— a lessee under a retail shop lease is required to pay amounts for promotion and advertising of the retail shopping centre ( promotion amounts ) in which the leased shop is situated to the lessor or an entity to which the lessee is required under the lease to be a member; and under the lease, the promotion amounts are not treated as part of the lessor’s outgoings. (sec.41-ssec.2) The lessor must only apply promotion amounts for promotion and advertising directly attributable to the centre. (sec.41-ssec.3) To remove any doubt, subsection (2) does not prevent the lessor from applying promotion amounts for joint promotions and advertising with other retail shopping centres. (sec.41-ssec.4) The lessor must make available to the lessee a written statement of the lessor’s expenditure for promotion amounts (the audited annual statement ) within 3 months after the end of the period to which the statement relates. (sec.41-ssec.5) The audited annual statement must— be prepared by a registered auditor in accordance with auditing standards generally accepted in the Australian accounting profession; and contain the auditor’s opinion on whether the statement presents fairly the lessor’s expenditure during the accounting period for promotion amounts. (sec.41-ssec.6) If all or part of a promotion amount paid for a period by the lessee is not spent during the period, the lessor must carry forward the unspent promotion amount to be applied towards spending on promotion and advertising of the centre.