43Annual rent for leases in perpetuity and special leases

43 Annual rent for leases in perpetuity and special leases

43 Annual rent for leases in perpetuity and special leases

(1) The annual rent for a lease determined by the Board under section 22B of the Act is not to exceed the following amounts (the maximum amounts)—

(a) for a lease in perpetuity under section 21 of the Act—$240 plus $0.345 per square metre of land comprised in the lease,

(b) for a special lease under section 22 of the Act—$80 plus $0.027 per square metre of land comprised in the lease.

(2) The maximum amounts (both the fixed amounts and the amounts per square metre of land) are increased on 1 September each year (the indexation date) in accordance with the annual percentage increase (if any) in the Consumer Price Index (All Groups Index) for Sydney issued by the Australian Statistician for the year ending on 30 June immediately before that indexation date.

(3) The first indexation date is 1 September 2015.