Housing (Freeholding of Land) Regulation 2006 (QLD)

Housing (Freeholding of Land) Regulation 2006

Part 1    Preliminary

1   Short title

This regulation may be cited as the Housing (Freeholding of Land) Regulation 2006.

2   Commencement

This regulation commences on 1 July 2006.

Part 2    Requirements for working out the declared percentage—Act, s 3A

3   The declared percentage

For section 3A(2)(b) of the Act, the declared percentage must be—

(a)if the equitable percentage is more than 0% but not more than 60%—60%; or

(b)if the equitable percentage is more than 60% but not more than 74%—equal to the equitable percentage; or

(c)if the equitable percentage is more than 74% but not more than 100%—75%; or

(d)if the equitable percentage is more than 100%—the equitable percentage minus 25%, up to a maximum of 100%.

4   Calculating the equitable percentage

For section 3, the equitable percentage is the percentage calculated, to 2 decimal places, using the following formula—where—

A means the annual land rental percentage equal to—

(a)if a percentage is prescribed under a regulation for the Housing Act 2003, section 136—the prescribed percentage; or

(b)otherwise—3%.

B means the capital indexed Commonwealth bond real yield rate, issued by the Reserve Bank of Australia, for bonds with a maturity date of—

(a)if the declared percentage is declared before 30 September 2007—August 2015; or

(b)if the declared percentage is declared after 30 September 2007—August 2020.

Editor’s note—

Capital indexed Commonwealth bond real yield rates may be viewed on the Reserve Bank of Australia’s website at < means the equitable percentage.

Example—

If A is 3% and the capital indexed Commonwealth bond real yield rate is 2.5%, the equitable percentage would be 120%.

Part 3    [Repealed]

5   [Repealed]

6   [Repealed]

7   [Repealed]