Released 15/02/2018

A new Lease Variation Charge (LVC) payment deferral scheme will allow the option of a later payment of the charge in the development cycle.

Under the scheme, projects with an assessed LVC of more than $100,000 will have the option of deferring payment until a Certificate of Occupancy is issued, or for up to four years – whichever comes sooner.  The deferred amount will attract an interest payment.

The LVC is designed to make sure the community shares in the windfall gains developers make when Government varies a lease to allow for new development.

This means the community benefits from a contribution towards the facilities we all use, like schools, roads and hospitals.

With the deferral scheme in place the timing of LVC payments can be aligned with project cashflows if the developer chooses that option.

The scheme will commence following passage of the bill in the ACT Legislative Assembly.

- Statement ends -

Andrew Barr, MLA | Media Releases


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