A "land equalisation amount" is an amount—
(a) specified in an approved infrastructure contributions plan as the land equalisation amount in relation to a parcel of land in the ICP plan area;
(b) that is payable to the collecting agency on the development of that parcel of land if the parcel contribution percentage of the land is less than the ICP land contribution percentage for that class of development.
1 A person must pay the land equalisation amount under section 46GV(3) to the collecting agency.
2 The method for calculating the land equalisation amount is specified in a Minister's direction applying to the approved infrastructure contributions plan.
Division 2—Infrastructure contributions plans
S. 46GG substituted by No. 7/2018 s. 10.