Page 3878 - Week 12 - Thursday, 24 October 2013
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|
Year |
Total Number of Contracts Rescinded |
Total Value of Contracts Rescinded (GST Inc) |
|
2008-09 |
0 |
Nil |
|
2009-10 |
22 |
$4,977,500 |
|
2010-11 |
115 |
$35,052,500 |
|
2011-12 |
321 |
$92,755,000 |
|
2012-13 |
222 |
$73,737,000 |
|
2013-14 (to 19 Sept 2013) |
22 |
$8,042,000 |
(3) Refer to question 2.
(4) The table below details the number and value of land rent contracts transferred to a standard crown lease post settlement in each financial year.
|
4% |
2% | |||
|
Number of contracts transferred |
Value of contracts transferred |
Number of contracts transferred |
Value of contracts transferred | |
|
2008-09 |
0 |
Nil |
0 |
Nil |
|
2009-10 |
2 |
$390,000 |
0 |
Nil |
|
2010-11 |
25 |
$4,764,500 |
2 |
$414,000 |
|
2011-12 |
37 |
$8,539,000 |
4 |
$941,000 |
|
2012-13 |
80 |
$19,864,500 |
12 |
$2,384,500 |
|
2013-14 (to 30 Sept 2013) |
5 |
$1,228,000 |
2 |
$627,000 |
|
Total |
149 |
$34,786,000 |
20 |
$4,366,500 |
(5) 51 properties with a total contract value of $12,728,000, which were initially eligible for the discount rate (2 per cent), have changed to the standard rate (4 per cent).
As at 30 September 2013, the number of properties currently paying at the discounted rate and at the standard rate is as follows.
|
2% rate |
4% rate |
Total | |
|
Number of contract |
411 |
694 |
1105 |
|
Initial value of contracts1 |
$100,630,000 |
$189,210,000 |
$289,840,000 |
1 The value of contract is based on the initial unimproved land value.
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