Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Actssubstitute
235 Meaning of lease —Act
In this Act:
"lease" means a lease (other than a sublease) of territory land—
(a) granted under this Act; or
(b) granted or arising under the Unit Titles Act 2001 .
Note Some leases are taken to have been granted under this Act and so come within this definition of lease (see s 456).
235A Meaning of concessional lease —Act
(1) In this Act:
"concessional lease"—
(a) means a lease—
(i) granted for a consideration less than the full market value of the lease, whether paid as a lump sum or payable as rent, or for no consideration; and
(ii) for a lease granted before 31 March 2008—in relation to which neither of the following payments has been made:
(A) an amount in relation to the grant of the lease that is equal to the lease's market value at the time of payment or, if the amount is paid in parts, at the time of the last payment;
(B) an amount to reduce the rent payable under the lease to a nominal rent under the Land (Planning and Environment) Act 1991 , section 186 (Variation of lease to pay out rent); and
Note Made —see s (4).
(b) includes the following leases:
(i) a consolidated or subdivided concessional lease;
(ii) a further concessional lease;
(iii) a regranted concessional lease.
Note 1 A lease that is granted as a concessional lease must include a statement that the lease is concessional (see s 238 (2) (a)).
Note 2 The concessional status of a concessional lease may only be removed by a variation of the lease (see div 9.4.2).
Note 3 A consolidated or subdivided lease or further or regranted lease, other than a lease mentioned in par (b), is a market value lease (see sch 5, pt 5.2, item 1).
Note 4 A person may rely on a statement in a lease that the lease is concessional (see s 259C).
(2) However, a lease is not a concessional lease if the lease is a market value lease.
(3) A lease is not concessional only because the lease—
(a) was granted under the Leases (Special Purposes) Act 1925 ; and
(b) was granted before 1 January 1971; and
(c) is a lease to which the Leases (Special Purposes) Act 1925 , section 5AB (Rent) applies.
(4) In this section:
"consolidated or subdivided concessional lease" means a lease granted during a consolidation or subdivision involving the surrender of 1 or more previous leases if 1 or more of the previous leases was a concessional lease.
"further concessional lease" means a further lease if the surrendered lease was a concessional lease.
"made"—a payment has been made if the relevant amount—
(a) was paid to the Territory, a territory entity, the Commonwealth, a Commonwealth entity or the entity that originally granted the lease; or
(b) was waived by the Treasurer under the Financial Management Act 1996 , section 131, or part of the amount was waived and the rest of the amount was paid.
"regranted concessional lease" means a regranted lease (whether the regrant is on the same or different conditions) if the surrendered lease was a concessional lease.
235B Meaning of market value lease —Act
In this Act:
"market value lease"—
(a) means a lease other than a lease that—
(i) states, in the lease or a memorial to the lease, that the lease is concessional; or
Examples—statement in lease
a condition of the lease or a notation or stamp on the lease
Note An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
(ii) is possibly concessional; and
(b) includes a lease mentioned in schedule 5, part 5.2.
235C Meaning of possibly concessional —Act
(1) For this Act, a lease is possibly concessional if the lease—
(a) was granted—
(i) before 31 March 2008; or
(ii) after 30 March 2008 and before the commencement of this section under the Land (Planning and Environment) Act 1991 ; and
Note A lease may be granted under the Land (Planning and Environment) Act 1991 after 30 March 2008 in some circumstances (see s 458 and s 459A).
(b) does not include a statement, in the lease or a memorial to the lease—
(i) that the lease is a concessional lease; or
(ii) to the effect that the lease is a market value lease; and
Examples—statement in lease
a condition of the lease or a notation or stamp on the lease
Examples—statement to effect that lease is market value lease
the lease is a market value lease or the lease is not concessional
Note An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
(c) is mentioned in schedule 5, part 5.3.
(2) However, a lease is not possibly concessional if the lease is also mentioned in schedule 5, part 5.2.
Note A lease mentioned in sch 5, pt 5.2 is a market value lease (see s 235B).
(3) Schedule 5, part 5.3, item 12 and this subsection expire 3 years after this subsection commences.