2012/167
Crown Pastoral Land (Method for
Calculating Dollar-Per-Stock-Unit
Rates) Regulations 2012
Jerry Mateparae, Governor-General
Order in Council
At Wellington this 2nd day of July 2012
Present:
His Excellency the Governor-General in Council
Pursuant to section 11 of the Interpretation Act 1999 and section 23N
of the Crown Pastoral Land Act 1998, His Excellency the GovernorGeneral, 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.
Contents
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2
3
4
Title
Commencement
Interpretation
Method for calculating dollar-per-stock-unit rates for
purposes of Part 1A of Crown Pastoral Land Act 1998
Schedule
Relevant financial years in relation to rent review dates
Page
2
2
2
2
4
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Crown Pastoral Land (Method for
Calculating Dollar-Per-Stock-Unit
Rates) Regulations 2012
2012/167
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 all classes 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.
4
Method for calculating dollar-per-stock-unit rates for
purposes of Part 1A of Crown Pastoral Land Act 1998
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
(1)
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Crown Pastoral Land (Method for
Calculating Dollar-Per-Stock-Unit
Rates) Regulations 2012
2012/167
(2)
(3)
r 4
calculated under subclause (2) and the rate calculated under
subclause (3).
The dollar-per-stock-unit rate calculated under this subclause
must be calculated in accordance with the following formula:
0.33 × (5-year average EBITR per stock unit)
where—
5-year average is,—
(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, the
average of the relevant financial years specified
in the Schedule in relation to the renewal date;
and
(b) in any other case, the average of the most recent
financial year for which final values are published
in a permitted farm earnings series and the previous 4 financial years
EBITR per stock unit is,—
(a) in the case of paragraph (a) of the definition of
permitted farm earnings series, farm profit before
tax plus interest and rent; and
(b) in the case of paragraph (b) of the definition of
permitted farm earnings series, earnings before
interest, tax, and rent.
The dollar-per-stock-unit rates calculated under this subclause
must be calculated in accordance with the following formula:
2.50 ×
( (
1+
percentage change in farm input costs
between 2010 and the current year
100
))
where—
2010 is the year beginning on 1 July 2010 and ending on
30 June 2011
current year is the most recent financial year for which final
values are published in a permitted farm input prices
series
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Crown Pastoral Land (Method for
Calculating Dollar-Per-Stock-Unit
Rates) Regulations 2012
Schedule
2012/167
percentage change in farm input costs (which may be a positive or negative value) is taken from a permitted farm
input prices series.
Schedule
Relevant financial years in relation to rent
review dates
Rent review date
Relevant financial years
1 July 2002
1996–1997 to 2000–2001
1 January 2003
1997–1998 to 2001–2002
1 July 2003
1997–1998 to 2001–2002
1 January 2004
1998–1999 to 2002–2003
1 July 2004
1998–1999 to 2002–2003
1 January 2005
1999–2000 to 2003–2004
1 July 2005
1999–2000 to 2003–2004
1 January 2006
2000–2001 to 2004–2005
1 July 2006
2000–2001 to 2004–2005
1 January 2007
2001–2002 to 2005–2006
1 July 2007
2001–2002 to 2005–2006
1 January 2008
2002–2003 to 2006–2007
1 July 2008
2002–2003 to 2006–2007
1 January 2009
2003–2004 to 2007–2008
1 July 2009
2003–2004 to 2007–2008
1 January 2010
2004–2005 to 2008–2009
1 July 2010
2004–2005 to 2008–2009
1 January 2011
2005–2006 to 2009–2010
1 July 2011
2005–2006 to 2009–2010
1 January 2012
2006–2007 to 2010–2011
1 July 2012
2006–2007 to 2010–2011
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2012/167
Crown Pastoral Land (Method for
Calculating Dollar-Per-Stock-Unit
Rates) Regulations 2012
Explanatory note
Rebecca Kitteridge,
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 6 August 2012, specify the method of calculating the dollar-per-stock-unit rate for the
purposes of Part 1A of the Crown Pastoral Land Act 1998, which
establishes a framework for specifying a process to set rents for pastoral leases.
Issued under the authority of the Acts and Regulations Publication Act 1989.
Date of notification in Gazette: 5 July 2012.
These regulations are administered by Land Information New Zealand.
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Wellington, New Zealand:
Published under the authority of the New Zealand Government—2012
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