Australian Capital Territory Numbered Acts

LAND RENT AMENDMENT ACT 2013 (NO. 38 OF 2013) - SECT 23

in division 3.1, insert

16AA     Post-1 October 2013 lease—loss of eligibility to pay land rent

    (1)     This section applies—

        (a)     to a land rent lease first granted under a contract entered into on or after 1 October 2013; and

        (b)     if any of the following happens:

              (i)     the total income of the lessee under the lease, or the sum of all the total incomes of all of the lessees, is more than the income threshold amount for 2 consecutive years;

              (ii)     the lessee, or any of the lessees, becomes the owner of other real property;

              (iii)     if a certificate of occupancy is issued for the lease—all the lessees stop living on the parcel of land under the lease.

    (2)     The commissioner must give each lessee under the lease written notice that the lessee is not eligible to pay land rent.

    (3)     If a lessee is given a notice under subsection (2), the lessee must within 2 years after the day the notice is given—

        (a)     vary the lease to reduce the land rent payable to a nominal rent; or

        (b)     transfer the lease to an eligible transferee.

Note     The lessee must apply under the Planning and Development Act 2007

, s 272A (Application for rent payout lease variation) for a variation of the lease to reduce the rent payable to a nominal rent.