Northern Territory Consolidated Acts Northern Territory Consolidated Acts55. Rent
(1) Subject to subsections (3) and (4) but notwithstanding anything in the lease document, the rent payable in respect of a pastoral lease for a financial year is the percentage of the unimproved value of the leased land determined by the Valuer-General under the Valuation of Land Act , declared by the Minister in accordance with this section in respect of the District in which the land is situated.
(2) The Minister may, before 30 June in a financial year, by notice in the Gazette , declare the percentage of the unimproved value of pastoral land in a District to be the rent payable for pastoral leases in the District for the next following financial year.
(3) If by 30 June in a financial year the Minister has not declared a percentage in respect of a District in accordance with subsection (2), the rent payable for a pastoral lease in the District in respect of the next following financial year is an amount equal to the rent payable for the lease in respect of the financial year ending on that date.
(4) Notwithstanding the Valuation of Land Act , in determining the unimproved value of pastoral land the Valuer-General shall disregard any existing or potential use of the land that is inconsistent with the use of the land for pastoral purposes.