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Land Information Minister Maurice Williamson has welcomed Parliament’s passing of the Crown Pastoral Land (Rent for Pastoral Leases) Amendment Act yesterday.
“This Act is a significant reform of the way rents are charged on pastoral leases in the South Island high country and will go a long way towards eliminating the years of tension that has existed between the Crown and lessees over rent issues.
“Under the Act, lessees of pastoral leases will be charged rents based on the earning capacity of the property.”
The new system, known as earning capacity rents, will be in place later this year.
“It’s a much simpler system to administer, is more transparent and provides a fairer rent,” Mr Williamson says.
“It will allow farmers to get on with the job of farming and helping to grow New Zealand’s economy.”
The Crown Pastoral Land (Rent for Pastoral Leases) Amendment Bill 2010 can be viewed on the New Zealand Legislation website at www.legislation.govt.nz