Land Act 1994

If a relevant term lease expires or is surrendered absolutely, or a perpetual lease for grazing or agricultural purposes is surrendered, and the State—

sets aside any land, that was a part of the lease, as a reserve for a purpose mentioned in section 31(1); or

dedicates any land, that was a part of the lease, as a road;

The value is the value of the improvements on the day of the expiry or surrender.

The Minister must decide the amount payable.

The value of the improvements must be assessed as their market value in a sale of a lease of the same term and tenure as the expired or surrendered lease.

The lessee may appeal against the Minister’s decision.

To remove any doubt, it is declared that the lessee is the owner of improvements made to a lease by the State only if the lessee has paid for the improvements.

In this section—extension provisions means chapter 4, part 3, division 1B and division 2, subdivision 3.relevant term lease means—

a term lease for pastoral purposes; or

a term lease for agricultural or grazing purposes if—

the lease is for rural leasehold land; and

the lease land is 1,000ha or more; and

the term is 20 years or more; and

it was granted under the renewal provisions or extended under the extension provisions.