Australian Capital Territory Consolidated Acts

LAND RENT ACT 2008 - SECT 15

    (1)     This section applies if a lessee, previously eligible to pay discounted land rent for a year, becomes ineligible for the discount because the total income of the lessee, or all of the lessees, exceeds the income threshold amount.

    (2)     The land rent payable by the lessee for the land rent lease for the following year is—

        (a)     from 1 July to 30 September of the year—the land rent that would be payable for the period if the lessee were eligible for a discount; and

        (b)     from 1 October to 30 June of the year—75% of the lesser of—

              (i)     the standard percentage of the unimproved value of the parcel of land under the lease; and

              (ii)     the amount worked out as follows:

Note     Discount percentage, relevant percentage and standard percentage are defined in the dictionary.

    (3)     In this section:

"land rent payable for the previous year" means the land rent that would have been payable for the lease if it had been a land rent lease, leased to the lessee, for the whole of the previous year.

"unimproved value", of a parcel of land under a land rent lease for a year, means the unimproved value determined under the Rates Act 2004 , section 10 (1) (Annual redeterminations) for the year.