New South Wales Consolidated Acts

CROWN LANDS (CONTINUED TENURES) ACT 1989 - SECT 4D

4D Adjustment of annual rent in line with Consumer Price Index-rent not subject to redetermination

(1) The annual rent of a lease the rent of which is not subject to redetermination is:

(a) the CPI adjusted rent at the due date, or

(b) if the minimum rent at that due date exceeds the CPI adjusted rent, the minimum rent.

Note: As at 1 July 2004, the minimum rent under Division 2A of Part 7 of the Principal Act is $350. That amount is subject to CPI adjustment under that Act and may also be increased by the regulations under that Act.
See also Part 4 of Schedule 8 to the Principal Act, which provides for the phasing-in of minimum rents from 1 July 2004 to 1 July 2006.

(2) The "CPI adjusted rent" is to be determined in accordance with the following formula:

"R" represents the CPI adjusted rent.
"B" represents the rent base, being the annual rent as at the last due date occurring before 1 July 2004.
"C" represents the Consumer Price Index number for the last quarter for which such a number was published before the due date for which the CPI adjusted rent is being calculated.
"D" represents the Consumer Price Index number for the last quarter for which such a number was published before 1 July 2004.

(3) The operation of this section in respect of the rent of a lease is not a redetermination of rent for the purposes of this Act. Accordingly, clause 11 of Schedule 5 does not apply.