Australian Capital Territory Numbered Regulations

PLANNING (GENERAL) REGULATION 2023 (NO 20 OF 2023) - REG 93

    (1)     This section applies if—

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

        (b)     after 18 February 2014, a lessee acquires 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 LAIE 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 358.

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

        (a)     a lessee makes a submission to the territory planning 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 before 29 October 2014 (the after-purchase improvements ); and

        (b)     the territory planning 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 358.