258When is a lease a concessional lease—Act

258 When is a lease a concessional lease—Act (a) means a lease— (i) that is stated in the lease, or a memorial to the lease, to be concessional and which has not had its concessional status removed; or

(ii) granted on a concessional basis and which has not had its concessional status removed; and (b) includes the following: (i) a consolidated or subdivided concessional lease; (ii) a further concessional lease; (iii) a regranted concessional lease. Example—par (a) (i) (2) For this Act, a lease has had its concessional status removed if— (a) the lease is varied to remove its concessional status in accordance with division 10.5.3 or the Planning and Development Act 2007 (repealed), division 9.4.2; or (b) for a lease granted before 31 March 2008—either of the following amounts has been paid: (i) an amount in relation to the grant of the lease that is equal to the lease’s market value at the time of payment or, if the amount is paid in parts, at the time of the last payment; (ii) an amount to reduce the rent payable under the lease to a nominal rent under the Land (Planning and Environment) Act 1991 (repealed), section 186 (Variation of lease to pay out rent). (3) For this Act, a lease— (a) is granted on a concessional basis if it is granted for a consideration less than the full market value of the lease, whether paid as a lump sum or payable as rent, or for no consideration; but

(b) is not granted on a concessional basis only because the lease— (i) was granted under the Leases (Special Purposes) Act 1925 (repealed); and (ii) was granted before 1 January 1971; and (iii) is a lease to which the Leases (Special Purposes) Act 1970 (repealed), section 5AB (Rent) applies. consolidated or subdivided concessional lease means a lease— (a) granted during a consolidation or subdivision involving the surrender of 1 or more previous leases if 1 or more of the previous leases was granted on a concessional basis; and further concessional lease means a further lease— (a) if the surrendered lease was granted on a concessional basis; and paid—an amount has been paid if the relevant amount— (a) was paid to the Territory, a territory entity, the Commonwealth, a Commonwealth entity or the entity that originally granted the (b) was waived by the Treasurer under the Financial Management Act 1996, section 131, or part of the amount was waived and the rest of the amount was paid in accordance with paragraph (a). regranted concessional lease means a regranted lease— (a) whether the regrant is on the same or different conditions, if the surrendered lease was granted on a concessional basis; and