Document ID: chunk:federal_register_of_legislation:F2022L00047:clause:3_6:p1
Version: federal_register_of_legislation:F2022L00047
Segment Type: clause
Provision Reference: sch 3 cl 6 (pt 1/2)
Character Range: 127833–130680

6  Evidence relating to non-continuation requirement
 (1) For paragraph 10(3)(c) of this determination, if the first, second or third non-continuation requirement is relied on, the evidence to be provided must include:
 (a) a declaration by the chief executive officer or chief financial officer (however described) of the project proponent that the land satisfies the relevant requirement; and
 (b) if the first or second non-continuation requirement is relied on, a statement detailing how the requirement is satisfied, including an explanation of:
 (i) why the land will be converted to a viable non-forest land use within 24 months or forest would not be re-established on the land, as applicable; and
 (ii) the land use that would apply to the land if it were not part of the project; and
 (iii) how financial and other broader strategic considerations have influenced subparagraphs (i) and (ii); and
 (iv) why the plantation would not have been converted to a plantation with a long rotation within the meaning of clause 1 of Schedule 2, even if revenue from Australian carbon credit units from undertaking a conversion project is taken into account; and
 (c) if the third non-continuation requirement is relied on, a statement detailing how the requirement is satisfied, including an explanation of:
 (i) how the new tenant or owner intends to change the land use relative to what it would have been under the previous owner or tenant; and
 (ii) how financial and other broader strategic considerations have influenced subparagraph (i).
 (2) The statement and declaration must be informed by a financial assessment prepared or reviewed by a qualified independent person within 12 months of the relevant application, which is also attached to the statement, that:
 (a) demonstrates that in the absence of the scheme, the plantation forest is likely to convert to a feasible non-forest land use that is financially attractive relative to continuing the plantation; and
 (b) demonstrates that with projected revenue from Australian carbon credit units and harvesting, the proponent expects to receive enough revenue to continue the continuing plantation project activity for the entirety of the permanence period; and
 (c) is informed by a discounted cash flow analysis of continuing the plantation that extends for at least 25 years; and
 (d) if the first or second non-continuation requirement is relied on—is informed by a land valuation made by a qualified independent valuer within 12 months of the relevant application, which is also attached to the statement; and
 (e) if the third non-continuation requirement is relied on—is informed by the sale price or cost of the lease, which is also attached to the statement.
 (3) For subclause (2), a person is a qualified independent person if they:
 (a) hold qualifications, determined by the