New South Wales Consolidated Acts

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

4H Minimum annual instalments

(1) An annual instalment of the purchase price of land under this Act is not in any case to be less than the minimum annual instalment payable at the due date.

(2) If an annual instalment of the purchase price of land (whether with or without interest added) is less than the minimum annual instalment at the due date, the annual instalment is increased to the minimum annual instalment.

(3) For the purpose of this Act, the "minimum annual instalment" at each due date is determined in accordance with the following formula:

"M" represents the minimum annual instalment.
"B" represents the annual instalment base.
"C" represents the Consumer Price Index number for the last quarter for which such a number was published before the due date for the annual instalment.
"D" represents the Consumer Price Index number for the last quarter for which such a number was published before the annual instalment base adjustment date.

(4) In this section:
"annual instalment base" means $350 or such higher amount as the regulations may from time to time prescribe.
"annual instalment base adjustment date" means 1 July 2004 or, if the annual instalment base is prescribed by the regulations, the date prescribed by the regulations as the annual instalment base adjustment date.