55Annual advertising and promotion expenditure statement to be given to lessees

55 Annual advertising and promotion expenditure statement to be given to lessees

55 Annual advertising and promotion expenditure statement to be given to lessees

(1) A retail shop lease is taken to include provision to the following effect—

(a) The lessor must give the lessee a written statement (an advertising statement) that details all expenditure relating exclusively to the building or centre in which the retail shop is located by the lessor in each accounting period of the lessor during the term of the lease on account of advertising or promotion costs to which the lessee is required to contribute under the lease.

(b) The advertising statement is to be prepared in accordance with relevant principles and disclosure requirements of applicable accounting standards made by the Australian Accounting Standards Board, as in force from time to time.

(c) The advertising statement is to be given to the lessee within 3 months after the end of the accounting period to which it relates.

(d) The advertising statement is to be accompanied by a report (an auditor’s report) on the statement prepared by a registered company auditor (within the meaning of the Corporations Act 2001 of the Commonwealth).

(e) The auditor’s report is to include a statement by the auditor as to whether or not the advertising statement correctly states the expenditure by the lessor during the accounting period concerned in respect of advertising or promotion costs to which the lessee is required to contribute.

(2) The details to be provided in an advertising statement given to a lessee under this section in relation to an accounting period must also include—

(a) in respect of expenditure by the lessor on account of advertising and promotion costs of the lessor—

(i) a statement of the amount contributed by the lessor in respect of expenditure relating exclusively to the building or centre, and

(ii) a statement of the total amount contributed by the lessee, and

(b) in respect of contributions by the lessor on account of advertising and promotion costs of the lessor relating exclusively to the building or centre and in respect of contributions by the lessee on account of advertising and promotion costs of the lessor—