321Decision on rent payout lease variation application

321 Decision on rent payout lease variation application (1) Within the period prescribed by regulation after the day the territory planning authority receives an application by a lessee under section 320 (2), the authority must— (a) decide to vary the lease to reduce the rent payable to a nominal rent; or (b) if subsection (2) stops the authority from varying the lease— refuse to vary the lease. (2) The territory planning authority must not vary the lease to reduce the rent payable to a nominal rent unless— (a) all amounts payable to the Territory up to the day of variation of the lease for tax levied in relation to the land described in the lease have been paid; and (b) for a land rent lease, all rent and other amounts payable to the commissioner for revenue under the Land Rent Act 2008 up to the day the variation is executed in relation to the land have been paid; and (c) the provisions of the lease requiring the lessee to develop the land have been complied with up to the day the variation is executed; and (d) the lessee has paid the Territory an amount decided by the authority under any policy direction made under section 322. (3) The territory planning authority must give written notice of the decision on the application to the applicant. (4) If the amount mentioned in subsection (2) (d) has not been paid within 12 months from the day the notice under subsection (3) is given, the territory planning authority’s decision to vary the lease is revoked.

tax means a tax under the following tax laws: (a) division 10.7.3 (Variation of nominal rent leases); (b) the Duties Act 1999; (c) the Land Tax Act 2004; (d) the Rates Act 2004.