Australian Capital Territory Numbered Acts

LAND (PLANNING AND ENVIRONMENT) (NO. 85 OF 1996) - SECT 38

38. Section 174 of the Principal Act is amended—

    (a)     by omitting the definition of “prescribed day” in subsection (1);

    (b)     by inserting in subsection (1) the following definition:

“ ‘assessment day' means—

        (a)     in relation to land a lease of which has expired—the day of expiry;

        (b)     in relation to land a lease of which has been terminated or surrendered—the day of termination or surrender, as the case may be; or

        (c)     in relation to land which has been withdrawn from a lease—the day of withdrawal;”;

    (c)     by omitting from subsection (2) “the day that is the prescribed day” and substituting “the assessment day”;

    (d)     by omitting from subsection (2) “prescribed” (last occurring) and substituting “assessment”;

    (e)     by omitting from subsection (3) “the lease of the land had been renewed” and substituting “a further lease of the land had been granted”; and

    (f)     by adding at the end the following subsection:

“(5) Where compensation is payable under subsection 173 (5A), the Minister shall, in valuing the improvements, assume that the leased land or part of the leased land (as the case may be) had not been withdrawn from the lease.”.