Outgoings Audit (Retail Shop Leases Audit)

What is an Outgoings Audit (Retail Shop Leases Audit)?

In accordance with the Retail Shop Leases Act 1994 QLD, you must give your lessees (= tenants) an audited annual statement of outgoings, if you are a lessor (= landlord) of a shopping centre and lessees contribute outgoings. A registered auditor(*1) needs to prepare this annual statement.

*1: A registered auditor in accordance with auditing standards generally accepted in the Australian accounting profession. – S.38B(3)(a), Retail Shop Leases Act 1994.

Why you need us?

As per the audited annual statement, the actual expenditures are compared with the annual estimates. You or your management can make an adjustment for your lessees’ payment for the year accordingly.

Additionally, the Retail Shop Leases Act 1994 QLD states that the lessor needs to supply the audited annual statement to lessees within three months of the end of each financial year. If the lessor does not provide an audited annual statement, the lessee may withhold payments on account of outgoings until they receive the statement.

What we do?

We are able to prepare the audited annual statement of outgoings and the audit report for your shopping centre for a competitive fixed price.

How we do it?

We are committed to keeping effective communication with you and requesting only essential items throughout the audit engagement. And we will deliver you the audited annual statement of outgoings on agreed completion dates.

Why us?

Our area of specialisation is in outgoings audits (retail shop leases audits). We have outgoings audit experience of more than 10 years and have provided audit services for approx. 60 local shopping centres every year.

For our assistance or for more information, please complete and submit the Contact Form and we will contact you to discuss your enquiry.

Resources

Retail Shop Leases Act 1994
Retail Shop Leases Regulation 2016
Form 14 – Audited statement of outgoings required under the Act