The answer differs from State to State (and changes from time to
time).
In some states, Victoria, the Northern Territory, Queensland and
the ACT (at the tenant's election) for example, the retail
legislation specifically requires disclosure statements for option
leases.
In Western Australia, the retail legislation specifies that an
option lease does not require a disclosure statement.
And in the other states, New South Wales, South Australia and
Tasmania, the retail legislation does not specify. What should a
lessor do in these States?
In those 'unspecified' states, we need to decide whether
an option lease is a new agreement when the lessee exercises the
option (thereby accepting the lessor's irrevocable
offer), or whether the agreement was made (as a
conditional contract) when the first lease was entered
into (the condition being the lessee exercising the option). If it
is a new agreement, a new disclosure statement is required; if it
is not a new
