Queensland Consolidated Acts

LAND ACT 1994 - SECT 503I

503I Credit for rent paid

(1) If an application to convert to freehold is approved, the following amounts are credited to the cost of freeholding—

(a) rent paid on the perpetual town lease (non-competitive lease) in excess of the amount that would have been payable if the lease had remained a miners homestead;

(b) rent paid for the period after the application was lodged.

(2) If the rent paid is more than the cost of freeholding, the overpaid amount must be refunded to the lessee together with interest at the rate prescribed under a regulation.

(3) The interest is payable from the date the excess rent was received to the day the amount of the excess is refunded.