Housing (Freeholding of Land) Regulation 2017 (Qld)

Housing (Freeholding of Land) Regulation 2017

1 Short title This regulation may be cited as the Housing (Freeholding of Land) Regulation 2017.

2 Commencement This regulation commences on 1 September 2017.

3 Requirements for working out declared percentage— Act , s 3A 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 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 Treasury indexed bond real yield rate, published from time to time by the Reserve Bank of Australia, for bonds with a maturity date of— (a) if the declared percentage is declared on or before 30 September 2020—September 2025; or (b) if the declared percentage is declared after 30 September 2020—September 2030. EP means the equitable percentage. Example— If A is 3% and the Treasury indexed bond real yield rate is 2.5%, the equitable percentage is 120%.