Australian Capital Territory Numbered Regulations

PLANNING AND DEVELOPMENT AMENDMENT REGULATION 2009 (NO 9) (NO 38 OF 2009) - REG 13

insert

429EAA     Modification—s 246 (Payment for leases)

Section 246 (3) (b) and (c) applies as if it read as follows:

    ‘(b)     the entity provides another component (a non-monetary component ) comprising—

              (i)     infrastructure, or other work, in relation to the lease or another lease; or

              (ii)     1 or more of the following under a deed or agreement with the Territory or a Territory authority:

    (A)     goods;

    (B)     services;

    (C)     works; and

        (c)     the total value of the monetary component and the non-monetary component is not less than the market value of the lease.'

429EAB     Modification—s 246 (Payment for leases)

Section 246 applies as if the following subsection were inserted:

    ‘(3A)     To remove any doubt, for a lease prescribed for subsection (2) (e), an entity pays the amount prescribed by regulation for the lease if—

        (a)     the entity pays less than the amount prescribed for the lease (the monetary component ); and

        (b)     the entity provides another component (a non-monetary component ) comprising—

              (i)     infrastructure, or other work, in relation to the lease or another lease; or

              (ii)     1 or more of the following under a deed or agreement with the Territory or a Territory authority:

    (A)     goods;

    (B)     services;

    (C)     works; and

        (c)     the total value of the monetary component and the non-monetary component is not less than the amount prescribed for the lease.'