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PLANNING AND DEVELOPMENT (LOOSE‑FILL ASBESTOS INSULATION ERADICATION) AMENDMENT REGULATION 2014 (NO 1) (NO 35 OF 2014) - REG 7

New division 5.8.2

insert

Division 5.8.2     Payment of amount on surrender of leases—loose-fill asbestos insulation eradication buyback program

212     Meaning of affected lease and affected residential premises

    (1)     In this Act:

"affected lease" means a lease of land on which there are improvements including affected residential premises.

"affected residential premises" means residential premises that contain, or have contained, loose-fill asbestos insulation.

    (2)     In this section:

"residential premises "means premises, or a part of premises, that are a class 1 or class 2 building.

213     Meaning of buyback program

In this Act:

"buyback program "means the program—

        (a)     involving the surrender of affected leases; and

        (b)     for which funding was appropriated under the Appropriation (Loose-fill Asbestos Insulation Eradication) Act 2014-2015

.

214     Meaning of buyback program valuation procedure

In this Act:

"buyback program valuation procedure" means the procedure set out in schedule 2A.

215     Payment amount—contract entered on or before 18 February 2014—Act, s 300 (2)

    (1)     This section applies if—

        (a)     a lessee entered into a contract for sale to purchase land comprised in an affected lease on or before 18 February 2014; and

        (b)     the contract was completed on or before 28 October 2014; and

        (c)     the lessee surrenders the affected lease under the buyback program.

    (2)     The prescribed amount is the greater of the following amounts:

        (a)     the amount payable to the lessee for the surrender under the buyback program valuation procedure;

        (b)     the amount payable to the lessee under the Act

, section 291 (Authority to pay for certain improvements).

Note     The Act

, s 291 applies to a surrendered lease as if the lease had expired on the day the lease was surrendered (see Act

, s 293).

216     Payment amount—contract entered after 18 February  2014 and completed on or before 28 October 2014—Act, s 300 (2)

    (1)     This section applies if—

        (a)     a lessee entered into a contract for sale of land comprised in an affected lease after 18 February 2014; and

        (b)     the contract for sale was completed on or before 28 October 2014; and

        (c)     the lessee surrenders the affected lease under the buyback program.

    (2)     The prescribed amount is the greater of the following amounts:

        (a)     the amount of the purchase price set out in the contract for sale;

        (b)     the amount payable to the lessee under the Act

, section 291 (Authority to pay for certain improvements).

Note     The Act

, s 291 applies to a surrendered lease as if the lease had expired on the day the lease was surrendered (see Act

, s 293).

    (3)     However, subsection (4) applies if—

        (a)     a lessee makes a submission to the planning and land authority before surrendering the affected lease, stating that the lessee undertook improvements to the land after the day the contract for sale was completed and on or before 28 October 2014 (the after-purchase improvements ); and

        (b)     the planning and land authority is satisfied that the after-purchase improvements have had a significant effect on the value of the affected lease including improvements.

    (4)     The prescribed amount is the greater of the following amounts:

        (a)     the amount of the purchase price set out in the contract for sale, plus the value of the after-purchase improvements;

        (b)     the amount payable to the lessee under the Act

, section 291.

217     Payment amount—contract entered after 18 February 2014 and completed after 28 October 2014—Act, s 300 (2)

    (1)     This section applies if—

        (a)     a lessee entered into a contract for sale of land comprised in an affected lease after 18 February 2014 but before 28 October 2014; and

        (b)     the contract for sale was completed after 28 October 2014; and

        (c)     the lessee surrenders the affected lease under the buyback program.

    (2)     The prescribed amount is the greater of the following amounts:

        (a)     the amount of the purchase price set out in the contract for sale;

        (b)     the amount payable to the lessee under the Act

, section 291 (Authority to pay for certain improvements).

Note     The Act

, s 291 applies to a surrendered lease as if the lease had expired on the day the lease was surrendered (see Act

, s 293).

218     Payment amount—lease acquired before 18 February 2014 other than by contract—Act, s 300 (2)

    (1)     This section applies if a lessee—

        (a)     on or before 18 February 2014, acquired an interest in land comprised in an affected lease other than by entering into a contract for sale; and

        (b)     surrenders the affected lease under the buyback program.

    (2)     The prescribed amount is the greater of the following amounts:

        (a)     the amount payable to the lessee for the surrender under the buyback program valuation procedure;

        (b)     the amount payable to the lessee under the Act

, section 291 (Authority to pay for certain improvements).

Note     The Act

, s 291 applies to a surrendered lease as if the lease had expired on the day the lease was surrendered (see Act

, s 293).

219     Payment amount—lease acquired after 18 February 2014 other than by contract, and transferor acquired lease before 18 February 2014—Act, s 300 (2)

    (1)     This section applies if—

        (a)     a person (the transferor ) acquired an interest in land comprised in an affected lease on or before 18 February 2014; and

        (b)     after 18 February 2014, a lessee acquired from the transferor an interest in the land other than by entering into a contract for sale; and

        (c)     the lessee surrenders the affected lease under the buyback program.

    (2)     The prescribed amount is the greater of the following amounts:

        (a)     the amount payable to the lessee for the surrender under the buyback program valuation procedure;

        (b)     the amount payable to the lessee under the Act

, section 291 (Authority to pay for certain improvements).

Note     The Act

, s 291 applies to a surrendered lease as if the lease had expired on the day the lease was surrendered (see Act

, s 293).

219A     Payment amount—lease acquired after 18 February 2014 other than by contract, and transferor acquired lease after 18 February 2014—Act, s 300 (2)

    (1)     This section applies if—

        (a)     a person (the transferor ) entered into a contract for sale of land comprised in the affected lease after 18 February 2014 but before 28 October 2014; and

        (b)     after 18 February 2014, a lessee acquired from the transferor an interest in the land other than by entering into a contract for sale; and

        (c)     the lessee surrenders the affected lease under the buyback program.

    (2)     The prescribed amount is the greater of the following amounts:

        (a)     the amount of the purchase price set out in the contract for sale;

        (b)     the amount payable to the lessee under the Act

, section 291 (Authority to pay for certain improvements).

Note     The Act

, s 291 applies to a surrendered lease as if the lease had expired on the day the lease was surrendered (see Act

, s 293).

    (3)     However, subsection (4) applies if—

        (a)     a lessee makes a submission to the planning and land authority before surrendering the affected lease, stating that the transferor or lessee undertook improvements to the land after the day the transferor completed the contract for sale and on or before 28 October 2014 (the after-purchase improvements ); and

        (b)     the planning and land authority is satisfied that the after-purchase improvements have had a significant effect on the value of the affected lease including improvements.

    (4)     The prescribed amount is the greater of the following amounts:

        (a)     the amount of the purchase price set out in the contract for sale, plus the value of the after-purchase improvements;

        (b)     the amount payable to the lessee under the Act

, section 291.

219B     Limitation on payment amount—buyback program—Act, s 300 (3)

The planning and land authority may pay an amount mentioned in section 215 to section 219A only if all outstanding amounts payable to the Territory in relation to the lease (including rates, land tax, stamp duty and land rent) have been paid.

219C     Payment amount under this division includes payment for improvements

An amount paid to a lessee under any of the following provisions is taken to include any payment the planning and land authority may be liable to pay to the lessee under the Act

, section 291 (Authority to pay for certain improvements) in relation to the surrender:

        (a)     section 215 (2) (a);

        (b)     section 216 (2) (a), (3) (a);

        (c)     section 217 (2) (a);

        (d)     section 218 (2) (a);

        (e)     section 219 (2) (a);

        (f)     section 219A (2) (a), (3) (a).



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