Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Acts(1) This section applies in order to determine as a definite sum any unascertainable cost components of a lease, except where the Commissioner and the lessor agree that section 145 should apply instead.
(2) The Commissioner shall make an initial estimate of the cost of the lease.
(3) The initial estimate shall be the sum of—
(a) the amount of each cost component payable in the course of the lease, so far as it is ascertainable;
(b) in respect of any interval in the term of the lease in which the amount of a cost component, although unascertainable, is subject to a certain minimum rate—the amount of the cost component that would be paid if it were payable at that minimum rate; and
(c) in respect of any interval in the term of the lease in which the amount of a cost component is unascertainable and to which paragraph (b) cannot be applied—the amount of the cost component that would be paid during the interval if it were payable at the highest certain rate prevailing immediately before the commencement of the interval.
(4) Following the initial estimate, duty is to be paid to the Commissioner on the cost of the lease determined on the basis of an estimate under this section of the relevant unascertainable cost components.
(5) Periodic estimates shall be made, at such dates (in this section referred to as “estimate dates”) as the Commissioner, having regard to the provisions of the lease, determines, of the amount of any cost components dealt with under this section payable during the term of the lease, and periodic adjustments of duty are to be made accordingly.
(6) A periodic estimate and a periodic assessment of duty may be made more than 5 years after the initial estimate.
(7) Within 1 month after each estimate date, the lessor shall produce to the Commissioner a duly stamped part of the lease instrument and a statutory declaration stating—
(a) the amount of each cost component dealt with under this section that was paid between the initial estimate date or the last previous estimate, as the case may be, and the date of the current estimate; and
(b) the rate at which that cost component is payable as at the date of the current estimate.
Penalty:
(a) in the case of a natural person—50 penalty units;
(b) in the case of a body corporate—250 penalty units.
(8) If the amount of a cost component actually paid during a period between estimation dates is higher than the estimated amount so payable for that period, the Commissioner may make a reassessment of duty in respect of the lease for that period and the balance of the term of the lease, and the lessor shall, within 90 days after the date of issue of the notice of assessment, pay any additional duty assessed.
(9) If the amount of a cost component actually paid during a period between estimation dates is lower than the estimated amount so payable for that period, the Commissioner shall, after the lessor has complied with subsection (7), make a refund to the lessor of duty overpaid.