34Payment for improvements where lease surrendered or terminated

34 Payment for improvements where lease surrendered or terminated

Scope (1) This section applies to a lease if: (a) the lease is surrendered or terminated; and (b) in a case in which the lease contains a building and development provision—on the day of surrender or termination, a full certificate of compliance has been issued. Commonwealth’s liability to pay for improvements (2) Subsections 33(1) to (3) apply in relation to the lease as if the term of the lease had expired on the day the lease was surrendered or terminated. Deduction of surrender and termination expenses from payment to lessee (3) The Minister must deduct from any amount payable to the lessee the amount of any expenditure reasonably incurred by the Commonwealth in relation to: (a) the surrender or termination of the lease; and (b) the grant of a lease of the land, or a part of the land, to another person.