LAND ADMINISTRATION ACT 1997 - SECT 124A
LAND ADMINISTRATION ACT 1997 - SECT 124A
124A . Phasing in increases to rent due to s. 123 determination
(1) In this section
—
annual rent , for a pastoral lease, means the
annual rent determined by the Valuer-General under section 123(1)(a);
determined annual rent means the annual rent for a
pastoral lease that may be phased in by regulations made for the purposes of
subsection (2).
(2) The regulations
may provide for the phasing in of the annual rent for a pastoral lease that,
as the result of a determination by the Valuer-General under
section 123(1)(a), is greater than the annual rent for the lease that applied
immediately before the Valuer-General’s determination came into effect.
(3) Regulations made
for the purposes of subsection (2) may provide that the annual rent payable
for the pastoral lease is, instead of the determined annual rent, an amount
—
(a) that
is less than the determined annual rent; and
(b) that
is calculated as set out in the regulations.
(4) Regulations made
for the purposes of subsection (2) must have the effect that, within a period
(the phase-in period ) not greater than 5 years after the day on which the
determination by the Valuer-General under section 123(1)(a) comes into effect
in respect of the pastoral lease, the annual rent payable for the pastoral
lease is an amount equal to the determined annual rent adjusted in accordance
with the regulations to take into account changes in CPI numbers during the
phase-in period.
(5) The Minister must
not make a determination under section 122H(1) in respect of the pastoral
lease during the phase-in period.
[Section 124A inserted: No. 32 of 2009 s. 5;
amended: No. 4 of 2023 s. 61.]