A retail lease disclosure statement is a written summary of the key lease terms that a landlord must give a prospective tenant before a retail lease is signed, and the timing rules differ by state: New South Wales and Queensland require at least 7 days, while Victoria requires at least 14 days.
Getting this one step wrong can hand a tenant the right to walk away from the lease or claim compensation, so the detail matters far more than most people expect.
This guide sets out the disclosure rules in New South Wales, Victoria and Queensland, what the statement must contain, and what happens when it is late, incomplete or misleading.
How Do Retail Lease Disclosure Rules Differ Across NSW, Victoria and Queensland?
In New South Wales and Queensland, a landlord must give the tenant a disclosure statement at least 7 days before the retail lease is entered into, while in Victoria the landlord must give it at least 14 days before.
Each state also sets its own penalty for getting it wrong, ranging from a delayed lease start date in Victoria to a six-month termination right in New South Wales and Queensland.
The table below compares the core disclosure rules across the three states.
| Feature | New South Wales | Victoria | Queensland |
| Governing legislation | Retail Leases Act 1994 (NSW) | Retail Leases Act 2003 (Vic) | Retail Shop Leases Act 1994 (Qld) |
| Landlord’s disclosure deadline | At least 7 days before the lease is entered into | At least 14 days before the lease is entered into | At least 7 days before the lease is entered into |
| Tenant’s own disclosure statement | Yes, within 7 days of receiving the landlord’s statement | No equivalent requirement | Yes, at least 7 days before entering the lease |
| Main consequence of failure | Tenant may terminate within 6 months | Lease start delayed to 14 days after disclosure, plus termination rights | Tenant may terminate within 6 months |
| Tenant compensation | Yes, including fit-out costs | No express compensation right under the disclosure provision; rent relief applies instead | Yes, reasonable compensation for loss |
The headline difference is timing, but the bigger difference is what happens when a landlord slips up.
In New South Wales and Queensland, the failure creates a right to end the lease within six months, which is a serious commercial threat to a landlord who has already handed over the premises.
In Victoria, a late disclosure statement instead pushes the lease start date back, so the tenant does not have to start paying rent until the clock has properly run.
Retail leasing is a large part of the small business economy, which is why these rules carry real weight. The Australian Bureau of Statistics reported that there were 156,169 retail trade businesses operating in Australia at 30 June 2025, and many of them trade from leased premises where these disclosure rules apply.
What Are the Disclosure Rules for Retail Leases in New South Wales?
In New South Wales, section 11 of the Retail Leases Act 1994 requires the landlord to give the tenant a lessor’s disclosure statement at least 7 days before the retail lease is entered into.
The statement must be in writing and must follow the prescribed form set out in Schedule 2 of the Act, covering the term, rent, rent review method, outgoings and any relocation or demolition clauses.
The seven-day window exists so the tenant has time to read the statement, compare it against the draft lease, and take advice before committing.
If the tenant was not given a disclosure statement, or if the one they received was incomplete or materially false or misleading when given, section 11(2) allows the tenant to terminate the lease by written notice within six months of entering into it.
Where the tenant validly terminates on this basis, section 11(2A) entitles them to compensation for costs reasonably incurred in entering the lease, including money spent on fitting out the shop.
There is a limit to this right. Under section 11(3), a tenant cannot terminate over an incomplete or misleading statement if the landlord acted honestly and reasonably and the tenant is left in substantially as good a position as they would have been in anyway.
What Are the Disclosure Rules for Retail Leases in Victoria?
In Victoria, section 17 of the Retail Leases Act 2003 requires the landlord to give the tenant a disclosure statement and a copy of the proposed lease at least 14 days before the lease is entered into.
This 14-day rule is the main point of difference from New South Wales and Queensland, and it catches out landlords who assume the seven-day standard applies nationally.
If the landlord provides the disclosure statement and proposed lease less than 14 days before the lease is entered into, the term is taken to start 14 days after those documents are given, so the tenant gains extra time before rent begins.
If the tenant was never given a disclosure statement, they may serve the landlord with a written non-disclosure notice no earlier than 7 days and no later than 90 days after entering into the lease.
Once that notice is served, the tenant can withhold rent until the statement is provided and may then terminate the lease at any time within 7 days of receiving it.
A separate right applies where the information given is misleading, false or materially incomplete, or where the tenant was not given a copy of the proposed lease. In those cases, the tenant may serve a notice of termination within 28 days.
The prescribed forms sit in the Retail Leases Regulations 2023, and the Victorian Small Business Commission publishes clear guidance on the disclosure statement timing for new leases and renewals.
What Are the Disclosure Rules for Retail Leases in Queensland?
In Queensland, section 21B of the Retail Shop Leases Act 1994 requires the lessor to give the prospective tenant a draft of the lease and a disclosure statement at least 7 days before the retail shop lease is entered into.
The disclosure statement uses the approved Form 7 and must set out the key financial and physical details of the lease, such as rent, outgoings and premises information.
A tenant can waive the seven days, but only by giving the landlord a signed waiver notice together with a legal advice report, unless the tenant is a major lessee holding five or more retail shops.
If the landlord fails to comply or gives a defective statement, section 21F lets the tenant terminate the lease by written notice within six months of entering into it.
A statement is defective when it is incomplete in a material particular, or contains information that is false or misleading in a material particular. It is not treated as defective merely because it omits irrelevant details or does not match the exact layout of the approved form.
As in New South Wales, the tenant cannot terminate over a defective statement if the landlord acted honestly and reasonably and the tenant is substantially as well off as they would have been. The landlord may still be liable to pay reasonable compensation for any loss.
What Must a Retail Lease Disclosure Statement Include?
A retail lease disclosure statement must set out the core commercial and legal terms of the lease so the tenant can weigh up the deal before signing, including the term, rent, rent review method, outgoings and any fit-out, relocation or demolition provisions.
The precise prescribed form differs between the three states, but the categories of information are broadly consistent.
A compliant statement will usually cover the following:
- The lease term and any options to renew or extend.
- The starting rent, the method and timing of rent reviews, and the review dates.
- An estimate of the outgoings the tenant will be asked to pay.
- The tenant’s fit-out obligations and any landlord contribution.
- Any relocation or demolition clauses that could cut the lease short.
- For shopping centre premises, details such as trading hours, tenancy mix and centre costs.
The outgoings estimate deserves special attention, because a landlord generally cannot recover outgoings that were not disclosed, though the precise rule and its wording differ between the states.
That single rule can be worth tens of thousands of dollars across a lease term, so a tenant who reads the disclosure statement carefully protects their cash flow for years, not just for the first few weeks of the lease.
What Happens If a Retail Lease Disclosure Statement Is Defective or Late?
A late, incomplete or misleading disclosure statement can give the tenant the right to terminate the lease and claim compensation, though the exact remedy depends on the state and on whether the landlord acted honestly and reasonably.
In New South Wales and Queensland, the standard remedy is termination by written notice within six months of the lease being entered into, and in New South Wales that can include compensation for wasted fit-out spending.
In Victoria, the outcome depends on the type of failure. A late statement delays the lease start, a missing statement lets the tenant withhold rent and then terminate within 7 days of finally receiving it, and false or materially incomplete information opens a 28-day termination window.
In New South Wales and Queensland, false or misleading information generally has to be material before it will unwind a lease, so a minor slip such as a small rounding error in an outgoings estimate will rarely be enough.
Victoria is worded a little differently, allowing termination where information is misleading, false or materially incomplete, so the threshold is not identical across the three states.
A serious omission is a different matter, such as failing to disclose a demolition clause, planned building works that will block customer access, or a major cost the tenant will inherit. These are the kinds of failures that would have changed the tenant’s decision to sign, and they carry the real risk of termination.
Because both New South Wales and Queensland allow a landlord to defend a claim by showing they acted honestly and reasonably, the quality and accuracy of the original statement is what usually decides the outcome.
What Is a Lessee Disclosure Statement?
A lessee disclosure statement is a statement the tenant gives back to the landlord confirming key matters about the lease, and it is required in New South Wales and Queensland but not in Victoria.
In New South Wales, section 11A requires the tenant to give the landlord a lessee’s disclosure statement, in the form of Part B of Schedule 2, no later than 7 days after receiving the landlord’s statement, or within a longer agreed period.
This is where the tenant records any statements or representations they are relying on, which becomes important later if a dispute arises about what was promised before signing.
In Queensland, section 22A requires the prospective tenant, other than a franchisee, to give the lessor a disclosure statement using Form 8 at least 7 days before entering the lease.
Victoria takes a different approach and does not impose an equivalent tenant disclosure statement, so the disclosure obligation there sits almost entirely with the landlord.
How Can Retail Tenants and Landlords Get Disclosure Right?
The safest approach for both sides is to treat the disclosure statement as a substantive legal document rather than a form to be rushed through at signing.
For tenants, the practical step is to use the full statutory period to compare the disclosure statement against the draft lease line by line. If the rent, the review method, the outgoings or the option terms do not match, that gap should be raised before anything is signed, not after.
Tenants should also be cautious when a landlord or agent pushes to compress the notice period or to sign first and receive the statement later. In New South Wales and Queensland that shortcut can quietly hand the tenant a six-month right to terminate, which rarely serves the landlord’s interests.
For landlords, the priority is accuracy. An honest, complete and properly timed statement is the strongest defence against a later termination claim, because the honest-and-reasonable exception in New South Wales and Queensland only helps a landlord who genuinely got the substance right.
Both parties benefit from having the disclosure statement and lease reviewed together, since a well-drafted lease means little if the disclosure statement that sits behind it is wrong.
Need Help With a Retail Lease Disclosure Statement?
Retail lease disclosure statements follow strict, state-based rules, and a single missed deadline or inaccurate figure can decide whether a lease stands or falls.
As retail lease lawyers acting for landlords and tenants across Australia, my law firm can prepare, review and check your disclosure statement against your lease on fixed-fee pricing. Contact the team today by calling 1300-529-888.
Frequently Asked Questions
How many days before signing must a landlord give a retail lease disclosure statement?
The deadline depends on the state. In New South Wales and Queensland, a landlord must give the tenant a disclosure statement at least seven days before the retail lease is entered into. In Victoria, the landlord must give the disclosure statement and a copy of the proposed lease at least fourteen days before the lease is entered into.
Can a tenant terminate a retail lease if the disclosure statement is wrong?
Often yes. In New South Wales and Queensland, a tenant can terminate within six months if the statement was missing, incomplete or materially misleading. In Victoria, different windows apply, including termination within twenty-eight days for false or materially incomplete information. A landlord who acted honestly and reasonably may be able to defend the claim in some cases.
What is the difference between a lessor and lessee disclosure statement?
A lessor disclosure statement is given by the landlord to the tenant and sets out the key lease terms, such as rent, term and outgoings, before the lease is signed. A lessee disclosure statement is given back by the tenant, confirming certain matters and any representations they relied on. New South Wales and Queensland require both.
Does Victoria require a tenant to give a disclosure statement?
No. Victoria does not require a tenant to provide a lessee disclosure statement to the landlord. Under the Retail Leases Act 2003, the disclosure obligation sits almost entirely with the landlord, who must give the tenant a disclosure statement and a copy of the proposed lease at least fourteen days before the lease is entered into.
What must a retail lease disclosure statement contain?
A retail lease disclosure statement must cover the core lease terms so the tenant can assess the deal, including the lease term and options, the rent and rent review method, an estimate of outgoings, fit-out obligations, and any relocation or demolition clauses. Shopping centre statements also include details such as trading hours and centre costs.