LAND ADMINISTRATION ACT 1997 - SECT 122I
LAND ADMINISTRATION ACT 1997 - SECT 122I
122I . Minister to determine permit rent if pastoral lease subject to permit
(1) This section
applies if a pastoral lessee is the holder of a permit issued under Division 5
that is subject to a condition of the kind referred to in section 124(1)
(whether that condition was imposed before, on or after commencement day).
(2) Subject to
subsection (3), on the first CPI determination day and on each 31 December
after that day the Minister must determine in accordance with subsection (4)
the permit rent payable in respect of the lease.
(3) The Minister must
not make a determination under subsection (2) in respect of the lease in a
calendar year in which the Valuer-General makes a determination under
section 124(3) in respect of the lease.
(4) For the purposes
of subsection (2), the permit rent payable in respect of the lease must be
determined using the following formula — 
where —
PR is the permit rent;
B is the permit rent
that applies immediately before the determination is made;
CPI r is the CPI
number for the previous quarter;
CPI r-4 is the CPI
number for the corresponding quarter.
(5) A determination
under subsection (2) of the permit rent payable in respect of a pastoral lease
—
(a)
unless subsection (6) applies, comes into effect on 1 July next following the
making of the determination; and
(b)
applies in addition to, and does not affect, a determination under
section 122H(1), 123(1)(a), 123A(4)(b) or 123B(3)(b); and
(c)
applies until a new determination under subsection (2) or section 124(3) comes
into effect in respect of the lease.
(6) A determination
under subsection (2) of the permit rent payable in respect of a pastoral lease
does not come into effect under subsection (5)(a) if, in the period between
the making of the determination and 1 July next following, a determination
under section 124(3) comes into effect in respect of the lease.
[Section 122I inserted: No. 4 of 2023 s. 60.]