Part 2.1 Interpretation
2.1 Definitions—sch 2
In this schedule:
Asbestos Response Taskforce means the Asbestos Response
Taskforce established by the ACT government in June 2014.
assessment day means 28 October 2014.
LAIE buyback program valuation—see section 2.6.
presidential determination, of the reasonable value of an affected
lease—see section 2.8 (2).
reasonable value, of an affected lease, means the value of the lease,
including the improvements, assuming that the lease, including the
improvements, were offered for sale on the open market on the
assessment day on the reasonable terms and conditions that a genuine
seller might require.
Part 2.2 Buyback program valuation
procedure
2.2 Valuation of affected lease
(1) Two valuations of the reasonable value of an affected lease must be
carried out.
(2) The affected lease, including the improvements, must be valued as at
the assessment day.
Schedule 2 Buyback program valuation procedure
Part 2.2 Buyback program valuation procedure
Section 2.3
(3) A valuation must not take into account to any of the following:
(a) the presence of loose-fill asbestos insulation at the affected
residential premises on the affected lease;
(b) minor maintenance work needing to be carried out on the
affected residential premises on the affected lease as at the
assessment day;
(c) minor maintenance work or cosmetic improvements carried out
on the affected residential premises on the affected lease after
the assessment day.
2.3 Accredited valuers to carry out valuation
(1) Each valuation of the reasonable value of an affected lease must be
carried out by an accredited valuer who is independent of—
(a) the other accredited valuer carrying out a valuation of the
affected lease; and
(b) the Territory and the lessee.
(2) Each accredited valuer must be selected by the Australian Property
Institute Limited ACN 608 309 128.
2.4 Valuation to be given to lessee and Asbestos Response
Taskforce
An accredited valuer who carries out a valuation of the reasonable
value of an affected lease must give a copy of the valuation to—
(a) the lessee of the affected lease; and
(b) the Asbestos Response Taskforce.
Buyback program valuation procedure Part 2.2
Section 2.5
2.5 Presidential determination—request by Asbestos
Response Taskforce
(1) If the difference between the 2 valuations given to the Asbestos
Response Taskforce is 10% or more, but less than 10.5%, of the lower
valuation, the Asbestos Response Taskforce may ask for a
presidential determination of the reasonable value of the affected
(2) In deciding whether to ask for a presidential determination, the
Asbestos Response Taskforce must consider—
(a) the views of the lessee of the affected lease; and
(b) the difference between the valuations; and
(c) the cost involved in obtaining a presidential determination.
(3) If the difference between the valuations is 10.5% or more of the lower
valuation, the Asbestos Response Taskforce must ask for a
presidential determination of the reasonable value of the affected
(4) If the Asbestos Response Taskforce asks for a presidential
determination, the taskforce—
(a) must tell the lessee; and
(b) is liable for the cost of the determination.
2.6 LAIE buyback program valuation
The LAIE buyback program valuation for an affected lease is
worked out as follows:
V1 + V2
V1 means the first valuation of the reasonable value of the affected
V2 means the second valuation of the reasonable value of the affected
Schedule 2 Buyback program valuation procedure
Part 2.2 Buyback program valuation procedure
Section 2.7
2.7 Presidential determination—request by lessee
(1) If a lessee of an affected lease rejects a buyback program valuation
for the affected lease, the lessee may ask for a presidential
determination of the reasonable value of the affected lease.
(2) If the lessee asks for a presidential determination, the lessee is liable
for the cost of the determination.
2.8 Presidential determination
(1) This section applies if the Asbestos Response Taskforce or the lessee
asks for a presidential determination of the reasonable value of an
affected lease.
(2) The president of the ACT Division of the Australian Property
Institute Limited ACN 608 309 128 must appoint a valuer
(a presidential valuer) to carry out a valuation (a presidential
determination) of the reasonable value of the affected lease.
(3) The presidential valuer must be an accredited valuer and independent
of—
(a) the valuers mentioned in section 2.3; and
(b) the Territory and the lessee.
(4) The lessee may give any information or material to the presidential
valuer that the lessee considers relevant to the valuation—
(a) if the Asbestos Response Taskforce asks for the presidential
determination—before the presidential valuer starts the
presidential determination; or
(b) if the lessee asks for the presidential determination—at the time
the lessee asks for the presidential determination.
(5) The presidential valuer must make a presidential determination in the
same way as the valuations of the reasonable value of the affected
lease were carried out.
Buyback program valuation procedure Part 2.2
Section 2.9
(6) A presidential determination is binding on the lessee and the Asbestos
Response Taskforce.
2.9 Amount payable for surrender of affected lease
(1) This section applies if a lessee of an affected lease surrenders the lease
under the LAIE buyback program.
(2) The amount payable to the lessee for the surrender of the affected
lease is—
(a) if a presidential determination is made of the reasonable value
of the affected lease—the reasonable value determined by the
presidential determination; or
(b) in any other case—the LAIE buyback program valuation for the
affected lease.
(see s 3)
Note 1 The Legislation Act contains definitions relevant to this regulation.
For example:
• Australian statistician
• building code
• city renewal authority
• conservator of flora and fauna
• doctor
• domestic partner (see s 169 (1))
• emergency service
• emergency services commissioner
• environment protection authority
• heritage council
• surveyor-general
• territory-owned corporation
• working day.
Note 2 Terms used in this regulation have the same meaning that they have in
the Planning Act 2023. For example, the following terms are defined in
the Act, dict:
• block
• building and development provision (s 256)
• Commonwealth entity
• community lease (s 293 (1))
• concessional lease (s 258 (1))
• custodian
• deal
• development (s 14 (1))
• development application (s 166 (1))
• development approval
• development proposal
• ecologically sustainable development (s 9)
• EIS (s 94 (c))
• environmental impact assessment (s 102 (1))
• environmental significance opinion (s 102) (2))
• EPBC Act
• future urban area
• holding period (s 349)
• inquiry
• inquiry panel (s 132 (1) (a))
• land sublease
• lease
• light rail
• market value lease (s 259)
• offset (s 223)
• offset condition (s 244)
• protected matter (s 221 (1))
• public land
• rental lease
• revised EIS (s 118 (1) (b))
• scoping document (s 109 (2) (b))
• significant development (s 94)
• structure
• territory entity
• territory plan
• tree management plan
• University of NSW
• zone.
added value, for the variation of a nominal rent lease, for
division 12.2 (Chargeable variations of nominal rent leases)—see
section 72 (1).
affected lease—see section 87 (1).
affected residential premises—see section 87 (1).
affected residential premises register—see the Dangerous
Substances Act 2004, section 47P (1).
allocated land, in relation to the housing commissioner, for part 7
(Direct sale of leases)—see section 39 (1).
Asbestos Response Taskforce, for schedule 2 (Buyback program
valuation procedure)—see schedule 2, section 2.1.
assessment day, for schedule 2 (Buyback program valuation
procedure)—see schedule 2, section 2.1.
business-case criteria, in relation to the direct sale of a lease to a
person, for part 7 (Direct sale of leases)—see section 40.
by a person, for part 7 (Direct sale of leases)—see section 40.
city waste, for schedule 1 (Development proposals requiring
class, for a building or other structure, means the class of building or
structure under the building code.
clearing native vegetation, for schedule 1 (Development proposals
Conservation Act 2014, section 234.
conservation dependent species, for schedule 1 (Development
Nature Conservation Act 2014, dictionary.
constitution, for a corporation under the Corporations Act—see the
Corporations Act, dictionary.
crest, for schedule 1 (Development proposals requiring
critically endangered species, for schedule 1 (Development
direct sale, in relation to a lease, for part 7 (Direct sale of leases)—
see section 39 (1).
dwelling—see section 6 (1).
earlier index number, in relation to a lease, for part 13 (Discharge
amounts for rural leases)—see section 81.
educational establishment, for part 7 (Direct sale of leases)—see the
territory plan, dictionary.
endangered species, for schedule 1 (Development proposals
excluded amount, in relation to a lease, for part 13 (Discharge
amounts for rural leases)—see section 81.
index number, for part 13 (Discharge amounts for rural leases)—see
section 81.
LAIE buyback program valuation, for schedule 2 (Buyback program
valuation procedure)—see schedule 2, section 2.6.
LAIE buyback program valuation procedure—see section 87 (1).
listed migratory species, for schedule 1 (Development proposals
requiring environmental impact assessment)—see the EPBC Act,
section 528.
listed threatened ecological community, for schedule 1
(Development proposals requiring environmental impact
assessment)—see the EPBC Act, section 528.
loose-fill asbestos insulation—see the Dangerous Substances
Act 2004, section 47I.
loose-fill asbestos insulation eradication buyback program
(or LAIE buyback program)—see section 87 (1).
lowest point of the general foundations, of a water storage dam, for
schedule 1 (Development proposals requiring environmental impact
assessment)—see schedule 1, section 1.1.
major electricity storage facility, for schedule 1 (Development
major road, for schedule 1 (Development proposals requiring
member, for division 4.3 (EIS inquiry panels)—see section 21.
minor public works, for schedule 1 (Development proposals
minor public works code, for schedule 1 (Development proposals
Conservation Act 2014, section 318A (1).
native vegetation, for an area, for schedule 1 (Development proposals
Conservation Act 2014, section 232.
native vegetation area, for schedule 1 (Development proposals
Conservation Act 2014, section 233.
noncompliance period, for part 15 (Leases with building and
development provisions)—see section 96.
normal operating level, of a reservoir formed by a water storage dam,
for schedule 1 (Development proposals requiring environmental
impact assessment)—see schedule 1, section 1.1.
placard quantity, for schedule 1 (Development proposals requiring
environmental impact assessment)—see the Work Health and Safety
Regulation 2011, dictionary.
presidential determination, of the reasonable value of an affected
lease, for schedule 2 (Buyback program valuation procedure)—see
schedule 2, section 2.8 (2).
presiding member, of an inquiry panel, for division 4.3 (EIS inquiry
panels)—see section 21.
proposed lease, for part 11 (Grants of community leases)—see
section 66 (2) (a).
protected native species, for schedule 1 (Development proposals
Conservation Act 2014, section 110.
provisionally listed threatened species, for schedule 1 (Development
proposals requiring environmental impact assessment)—see schedule
1, section 1.1.
Ramsar wetland, for schedule 1 (Development proposals requiring
environmental impact assessment)—see the Nature Conservation
Act 2014, section 190 (1).
reasonable value, of an affected lease, for schedule 2 (Buyback
program valuation procedure)—see schedule 2, section 2.1.
recently commenced lease, in relation to the variation of a lease, for
division 12.2 (Chargeable variations of nominal rent leases)—see
section 73 (1).
recommended design flood, for schedule 1 (Development proposals
regionally conservation dependent species, for schedule 1
(Development proposals requiring environmental impact
assessment)—see the Nature Conservation Act 2014, dictionary.
regionally threatened species, for schedule 1 (Development
Nature Conservation Act 2014, dictionary.
regulated waste, for schedule 1 (Development proposals requiring
environmental impact assessment)—see the Environment Protection
Act 1997, schedule 1, section 1.1A.
reserve, for schedule 1 (Development proposals requiring
environmental impact assessment)—see the Nature Conservation
Act 2014, section 169.
rules, in relation to an incorporated association—see the Associations
Incorporation Act 1991, dictionary.
schedule 11 hazardous chemical, for schedule 1 (Development
Work Health and Safety Regulation 2011, dictionary.
special Pialligo lease, for part 13 (Discharge amounts for rural
leases)—see section 81.
statement of heritage effect, for schedule 1 (Development proposals
requiring environmental impact assessment)—see the Heritage
Act 2004, section 61G (1).
supportive accommodation, for part 7 (Direct sale of leases)—see
section 39 (1).
territory entity, for part 7 (Direct sale of leases)—see section 39 (1).
threatened ecological community, for schedule 1 (Development
threshold criteria, in relation to a tender for a community lease, for
part 7 (Community leases—grant by tender)—see section 68.
UNSW campus, for part 7 (Direct sale of leases)—see section 41 (1).
UNSW precinct deed, for part 7 (Direct sale of leases)—see
section 41 (1).
vulnerable species, for schedule 1 (Development proposals requiring
About the endnotes 1
1 About the endnotes
Amending and modifying laws are annotated in the legislation history and the
amendment history. Current modifications are not included in the republished law
but are set out in the endnotes.
Not all editorial amendments made under the Legislation Act 2001, part 11.3 are
annotated in the amendment history. Full details of any amendments can be
obtained from the Parliamentary Counsel’s Office.
Uncommenced amending laws are not included in the republished law. The details
of these laws are underlined in the legislation history. Uncommenced expiries are
underlined in the legislation history and amendment history.
If all the provisions of the law have been renumbered, a table of renumbered
provisions gives details of previous and current numbering.
The endnotes also include a table of earlier republications.
Part Part 2 - Planning (General) Regulation 2023 - 1 Interpretation | Zoe