Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) The land rent payable for a land rent lease for the year the lease is first granted is—
(a) if the lessee is eligible for discounted land rent—the discount percentage of the unimproved value of the parcel of land under the lease; or
(b) if the lessee is not eligible for discounted land rent—the standard percentage of the unimproved value of the parcel of land under the lease.
Note Land rent is payable to the commissioner (see s 19).
(2) The land rent payable for a land rent lease for a year after the year the lease is first granted is—
(a) if the lessee is eligible for discounted land rent—the lesser of—
(i) the discount percentage of the unimproved value of the parcel of land under the lease; and
(ii) the amount worked out as follows:
or;
(b) if the lessee is not eligible for discounted land rent—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:
or;
(c) if the lessee, previously ineligible for discounted land rent, becomes eligible for discounted land rent for the year—the lesser of—
(i) the discount 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—
(a) for subsection (1)—determined under the Rates Act 2004 , section 9 (First determination of unimproved value) for the year; and
(b) for subsection
(2)—determined under the Rates Act 2004 , section 10 (1) (Annual
redeterminations) for the year.