Land Regulation 2020

This section does not apply in relation to the lessee or registered owner of land buying a forest entitlement area in the land under section 24 of the Act.

The value of commercial timber on land is the market value of any of the timber that is the property of the State, other than timber that is a forest product to which a forest consent agreement relates, worked out as at the day provided for under subsection (3).

The market value of the commercial timber must be worked out—

if an appeal about the value of the timber has not been made—as at—

if a conversion offer is made under section 165B of the Act—the day stated in the offer; or

if a conversion offer is made in relation to a conversion application—the day the chief executive received the application; or

if an appeal about the value of the timber has been made—as at the day the appeal is decided; or

if a person has applied to buy the timber—as at the day the person applied; or

if the Minister made an offer to sell the timber before the day mentioned in paragraph (c)—as at the day the offer was made.

For subsection (3)(a)(i), the day stated in the offer may be earlier than the day the chief executive makes the offer, but no earlier than 4 months before the day the chief executive makes the offer.