sec.14Requirement for lessees to pay conversion cost and provide information

sec.14 Requirement for lessees to pay conversion cost and provide information

The lessee of a shopping centre lease must pay to the chief executive, before the conversion day, the total of the following amounts (the conversion cost )— the unimproved value amount for each shopping centre lease held by the person immediately before the conversion day; any GST payable on a supply relating to the vesting of a transfer lot in the person under section 15 ; any transfer duty imposed under the Duties Act 2001 on the vesting. For the enforcement of this provision, see sections 19 to 22 . The lessee of a shopping centre lease must also, before the conversion day, give the chief executive the information required to be given to the chief executive under the conversion notice given to the lessee. Maximum penalty—5 penalty units. In this section— unimproved value amount , for a shopping centre lease, means the amount of the valuation of the unimproved value of the land contained in the lease that was in force under the Valuation of Land Act 1944 on 30 June 2003. (sec.14-ssec.1) The lessee of a shopping centre lease must pay to the chief executive, before the conversion day, the total of the following amounts (the conversion cost )— the unimproved value amount for each shopping centre lease held by the person immediately before the conversion day; any GST payable on a supply relating to the vesting of a transfer lot in the person under section 15 ; any transfer duty imposed under the Duties Act 2001 on the vesting. For the enforcement of this provision, see sections 19 to 22 . (sec.14-ssec.2) The lessee of a shopping centre lease must also, before the conversion day, give the chief executive the information required to be given to the chief executive under the conversion notice given to the lessee. Maximum penalty—5 penalty units. (sec.14-ssec.3) In this section— unimproved value amount , for a shopping centre lease, means the amount of the valuation of the unimproved value of the land contained in the lease that was in force under the Valuation of Land Act 1944 on 30 June 2003.

• (a) the unimproved value amount for each shopping centre lease held by the person immediately before the conversion day;
• (b) any GST payable on a supply relating to the vesting of a transfer lot in the person under section 15 ;
• (c) any transfer duty imposed under the Duties Act 2001 on the vesting.