99Noncompliance fee—Act, s 374 (2)

99 Noncompliance fee—Act, s 374 (2) (1) For each year, or part year, of the noncompliance period, the lessee must pay the amount worked out as follows: A × days 365 × rates A means— (a) for the 1st to 4th year of the noncompliance period—0; and (b) for the 5th or later year of the noncompliance period—1. days means— (a) for a year—365; or (b) for a part year—the number of days in the part year. rates means the amount of rates imposed under the Rates Act 2004, section 14 in relation to the land described in the lease for the financial year in which the noncompliance fee is worked out. Lyndall’s lease includes a building and development provision requiring the works to be completed by 1 July 2025, but the works are not completed in time. The works are eventually completed on 1 January 2030 (4 years and 184 days late). No fee is payable for the first 4 years of the noncompliance period (until 1 July 2029). Rates for the 2029-30 financial year are $5 000. Lyndall is liable to pay the following noncompliance fee: 1 × 184 365 × 5 000 = $2 520.55 Note The noncompliance fee may be waived under the Financial Management Act 1996, s 131.