The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

These regulations are administered by Land Information New Zealand.

Pursuant to section 11 of the Interpretation Act 1999 and section 23N of the Crown Pastoral Land Act 1998, His Excellency the Governor-General, acting on the advice and with the consent of the Executive Council and on the recommendation of the Minister for Land Information, makes the following regulations.

1	Title
2	Commencement
3	Interpretation
4	Method for calculating dollar-per-stock-unit rates for purposes of Part 1A of Crown Pastoral Land Act 1998
	Schedule 1 Years to be treated as year A in relation to rent review dates
	Schedule 2 Dollar-per-stock-unit-rate formula
	Gazette Information
	Notes

Regulations

1 Title

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

2 Commencement

These regulations come into force on 6 August 2012.

3 Interpretation

In these regulations unless the context otherwise requires,—

Beef + Lamb New Zealand means Beef + Lamb New Zealand Limited

permitted farm earnings series, means—

(a)

the Sheep and Beef Farm Survey—Per Stock Unit Analysis Farm Class 1 South Island High Country published by Beef + Lamb New Zealand Economic Service; but

(b)

if the data series specified in paragraph (a) is not available, 1 or more other data series published by Beef + Lamb New Zealand if the other data series contains information—

(i)

based on sampling methods substantially similar to those used in the data series referred to in paragraph (a); and

(ii)

from which earnings before tax, interest, and rent can be calculated for the purposes of regulation 4(2)

permitted farm input prices series means—

(a)

the sheep and beef farm input prices paid series published by Beef + Lamb New Zealand; but

(b)

if the data series specified in paragraph (a) is not available, the Sheep and Beef Farm Expenses Price Index published by Statistics New Zealand or, if that index ceases to be published, any measure certified by the Government Statistician as being equivalent to that index.

Regulation 3 permitted farm input prices series paragraph (a): amended, on 7 January 2013, by regulation 4 of the Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Amendment Regulations 2012 (SR 2012/357).

Regulation 3 permitted farm input prices series paragraph (b): amended, on 1 September 2022, by section 107(1) of the Data and Statistics Act 2022 (2022 No 39).

4 Method for calculating dollar-per-stock-unit rates for purposes of Part 1A of Crown Pastoral Land Act 1998

(1)

For the purposes of Part 1A of the Crown Pastoral Land Act 1998, the dollar-per-stock-unit rate is the higher of the rate calculated under subclause (2) and the rate calculated under subclause (3).

(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
2.50		×				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.

Regulation 4(2): replaced, on 7 January 2013, by regulation 5 of the Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Amendment Regulations 2012 (SR 2012/357).

Regulation 4(3): replaced, on 7 January 2013, by regulation 5 of the Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Amendment Regulations 2012 (SR 2012/357).

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

r 4(3), Schedule 2

Schedule 1: replaced, on 7 January 2013, by regulation 6 of the Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Amendment Regulations 2012 (SR 2012/357).

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)

Schedule 2: inserted, on 7 January 2013, by regulation 6 of the Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Amendment Regulations 2012 (SR 2012/357).

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

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.

Rebecca Kitteridge,
Clerk of the Executive Council.

Issued under the authority of the Legislation Act 2019.

Date of notification in Gazette: 5 July 2012.

Notes

1 General

This is a consolidation of the Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Regulations 2012 that incorporates the amendments made to the legislation so that it shows the law as at its stated date.

2 Legal status

A consolidation is taken to correctly state, as at its stated date, the law enacted or made by the legislation consolidated and by the amendments. This presumption applies unless the contrary is shown.

Section 78 of the Legislation Act 2019 provides that this consolidation, published as an electronic version, is an official version. A printed version of legislation that is produced directly from this official electronic version is also an official version.

3 Editorial and format changes

The Parliamentary Counsel Office makes editorial and format changes to consolidations using the powers under subpart 2 of Part 3 of the Legislation Act 2019. See also PCO editorial conventions for consolidations.

4 Amendments incorporated in this consolidation

Data and Statistics Act 2022 (2022 No 39): section 107(1)

Crown Pastoral Land (Method for Calculating Dollar-Per-Stock-Unit Rates) Amendment Regulations 2012 (SR 2012/357)

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