Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Amendment Regulations 2012

2012/357

Coat of Arms of New Zealand

Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Amendment Regulations 2012

Jerry Mateparae, Governor-General

Order in Council

At Wellington this 3rd day of December 2012

Present:
His Excellency the Governor-General in Council

Pursuant to section 23N of the Crown Pastoral Land Act 1998, His Excellency the Governor-General makes the following regulations—

  • (a) acting on the advice and with the consent of the Executive Council; and

  • (b) on the recommendation of the Minister for Land Information.

Regulations

1 Title
  • These regulations are the Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Amendment Regulations 2012.

2 Commencement
  • These regulations come into force on 7 January 2013.

3 Principal regulations
4 Regulation 3 amended (Interpretation)
  • In regulation 3, definition of permitted farm input prices series, paragraph (a), replace all classes with sheep and beef.

5 Regulation 4 amended (Method for calculating dollar-per-stock-unit rates for purposes of Part 1A of Crown Pastoral Land Act 1998)
  • Replace regulation 4(2) and (3) with:

    • (2) The dollar-per-stock-unit rate calculated under this subclause must be calculated in accordance with the formula set out in Schedule 2.

    • (3) The dollar-per-stock-unit rate calculated under this subclause must be calculated in accordance with the following formula:

      2.50 × ( index year A )
         index 2010 

      where—

      2010
      is the year beginning on 1 July 2010 and ending on 30 June 2011
      index
      is the value of the index in a permitted farm input prices series for the relevant financial year
      year A,—
             
      • (a) in the case of a pastoral lease the rent review date of which was in the period beginning on 1 July 2002 and ending with the close of 1 July 2012, is the financial year set out against the relevant review date in Schedule 1; and

      • (b) in any other case, is the most recent financial year for which final values have been published in a permitted farm input prices series.

6 Schedule replaced
  • Replace the Schedule with the Schedules 1 and 2 set out in the Schedule of these regulations.


Schedule
Schedule replaced with new Schedules 1 and 2

r 6

Schedule 1
Years to be treated as year A in relation to rent review dates

r 4(3), Schedule 2

Rent review date Financial year to be treated as year A
1 July 2002 2000–2001
1 January 2003 2001–2002
1 July 2003 2001–2002
1 January 2004 2002–2003
1 July 2004 2002–2003
1 January 2005 2003–2004
1 July 2005 2003–2004
1 January 2006 2004–2005
1 July 2006 2004–2005
1 January 2007 2005–2006
1 July 2007 2005–2006
1 January 2008 2006–2007
1 July 2008 2006–2007
1 January 2009 2007–2008
1 July 2009 2007–2008
1 January 2010 2008–2009
1 July 2010 2008–2009
1 January 2011 2009–2010
1 July 2011 2009–2010
1 January 2012 2010–2011
1 July 2012 2010–2011

Schedule 2
Dollar-per-stock-unit-rate formula

r 4(2)

[ EBITR PSU year A + [ EBITR PSU year -1 × index year A ] + [ EBITR PSU year -2 × index year A ] + [ EBITR PSU year -3 × index year A ] + [ EBITR PSU year -4 × index year A ] ] × 0.33
      index year -1      index year -2      index year -3      index year -4    
  5   

where—

year A,—
       
  • (a) in the case of a pastoral lease the rent review date of which was in the period beginning on 1 July 2002 and ending with the close of 1 July 2012, is the financial year set out against the relevant review date in Schedule 1; and

  • (b) in any other case, is the most recent financial year for which final values have been published in a permitted farm earnings series

year -1
is the financial year immediately preceding year A
year -2
is the financial year immediately preceding year -1
year -3
is the financial year immediately preceding year -2
year -4
is the financial year immediately preceding year -3
EBITR PSU,—
       
  • (a) in the case of paragraph (a) of the definition of permitted farm earnings series, means farm profit before tax plus interest and rent; and

  • (b) in the case of paragraph (b) of the definition of permitted farm earnings series, means earnings before interest, tax, and rent

index
is the value of the index in a permitted farm input prices series for the relevant year.

Michael Webster,
for Clerk of the Executive Council. 


Explanatory note

This note is not part of the regulations, but is intended to indicate their general effect.

These regulations, which come into force on 7 January 2013, amend the Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Regulations 2012.

The amendments substitute new formulas that contain adjustments for the effect of inflation.


Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 6 December 2012.

These regulations are administered by Land Information New Zealand.