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Legislative Assembly for the ACT: 1999 Week 12 Hansard (25 November) . . Page.. 3759 ..
MR SMYTH (continuing):
other than an amount attributable to lessee-owned improvements to the land comprised in the lease.
last amount , in relation to a lease, means-
(b) if-
(i) there is no consideration; or
(ii) the dealing relates to only part of the land comprised in the lease; or
(iii) the consideration is less than the market value of the lease;
the market value of the lease, not including any amount attributable to the lessee-owned improvements to the land comprised in the lease.
owed amount means-
(b) in relation to a short lease-any rent and additional rent payable under the lease up to the day of the dealing with the lease.
Page 6, line 21-
After proposed new section 186E, insert the following new sections:
"186EA Discharge amount-special Pialligo leases
"(1) The discharge amount for a special Pialligo lease granted less than 1 year before the discharge amount is an amount equal to the total of the amount paid and the owed amount for the lease.
"(2) The discharge amount for a special Pialligo lease granted at least 1 year before the discharge amount is to be paid is the amount determined in accordance with the formula-
amount paid - (cpi adjusted amount x years since grant / 10) + owed amount
"(3) The cpi adjusted amount in relation to a lease is the amount determined in accordance with the formula-
amount paid x later index number / earlier index number
"(4) In this section-amount paid means-
(a) in relation to a nominal rent lease-the consideration for the lease when granted under section 161 or 171A; or
(b) in relation to any other lease-any consideration for the lease when granted under section 161 or 171A plus any amount to be paid under the lease;
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