Queensland Consolidated Acts Queensland Consolidated Acts(1) If the trustee forfeits the lease, the trustee must pay to the person who was the lessee the amount equal to the value of the lease land, and any lawful improvements on the land, on the day the lease is forfeited (the maximum amount) less any amounts deducted from the maximum amount under section 40V.
(2) The value of the lease land is the amount as decided by the trustee using the valuation methodology mentioned in section 40J(1)(a)(iii).
(3) The value of any lawful improvements on the lease land must be assessed as the market value of the improvements in a sale of a lease, of the same term and tenure as the forfeited lease.
(4) Subject to subsections (2) and (3), the trustee must decide the amount payable to the person.
(5) The trustee must decide the amount payable to the person as soon as practicable after giving the person notice that the lease is forfeited.
(6) On deciding the amount payable, the trustee must give the person written notice of the decision.
(7) The notice must state--
(a) the amount; and
(b) that the person may appeal against the decision and how the person may appeal.
(8) This section is subject to section 40U.