82Discharge amount for rural leases other than special

82 Discharge amount for rural leases other than special Pialligo leases—Act, s 349, def discharge amount (1) The discharge amount in relation to a dealing with a rural lease, other than a defined rural lease, is the amount worked out as follows: last amount − indexed first amount 2 + owed amount (2) The discharge amount in relation to a dealing with a defined rural lease is the owed amount plus $10 for each year, or part of a year, of the remainder of the holding period for the lease. (3) This section does not apply to a dealing with a special Pialligo lease. defined rural lease means a rural lease— (a) for a term shorter than 21 years; and (b) that commenced at least 2 years before the discharge amount is paid. first amount means— (a) for a nominal rent lease—the consideration for the lease when it was granted less the excluded amount; or (b) for a lease granted for a term shorter than 21 years—the value of the lease when it was granted less the excluded amount; or (c) for any other lease—the consideration for the lease when it was granted plus any amount to be paid under the lease less the indexed first amount means the amount worked out as follows: first amount × later index number earlier index number

Discharge amounts for rural leases Part 13 last amount, in relation to a dealing with a lease, means— (a) the market value of the lease less the excluded amount if— (i) there is no consideration for the dealing; or (ii) the dealing relates only to part of the land described in the lease; or (iii) the consideration for the dealing is less than the market value of the lease; or (b) in any other case—the consideration for the dealing less the later index number, in relation to a lease, means the last index number published before the last amount is worked out for the lease. owed amount, in relation to a dealing with a lease, means— (a) for a lease for a term shorter than 21 years—any rent plus interest payable under the lease on the day of the dealing with the lease; or (b) for a lease for a term of 21 years or longer—any amount remaining to be paid under the lease, even if the amount is not yet owing.