Queensland Numbered Acts

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VALUATION OF LAND AND OTHER LEGISLATION AMENDMENT ACT 2010 No. 7 - SECT 6

6 Amendment of s 4 (Meaning of improved value)

Section 4, from 'offered'--

omit, insert--

'negotiated as a bona fide sale.
Example--
If land has been improved by construction of commercial premises leased to tenants at market rentals, and the market value of the property as constructed and leased is assessed by capitalisation of the rental income--
(a) the improved value of the land is at least the market value; and
(b) there is to be no deduction from market value for 'goodwill' as suggested in Lilac Pty Ltd v Department of Natural Resources and Water [2008] QLC 220 or Kent Street Pty Ltd & Ors v Department of Natural Resources and Mines [2008] QLAC 221.'.


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