Water allocations toolkit

This toolkit brings together everything you need to know about self assessing duty on transactions that include a water allocation.

As a registered self assessor, you must assess any dutiable transaction you are dealing with that includes a water allocation.

Depending on the transaction, water allocations are treated as either new rights or existing rights under the Duties Act 2001.

You may encounter any of these types of transactions for water allocations:

  • a grant, lease or licence of a water entitlement
  • an agreement to transfer a water entitlement
  • a transfer of a water entitlement.

The grant of a water permit is not a water entitlement under the Water Act 2000, so it is not dutiable and you do not need to assess it.

An exemption under section 140 of the Duties Act may apply to particular water entitlement transactions, but you cannot self assess it. If this exemption applies to a water allocation, you must lodge it with the Office of State Revenue.

Assessing a water allocation transaction

Here are some tips to help you self assess these types of transactions in OSR Online.

How to lodge online

You must complete all mandatory data fields under each tab in OSR Online. Mandatory fields are marked with a red asterisk. There are some specific data requirements.

Grant of a water allocation

The grant, lease or licence of a water allocation is the acquisition of a new right.

  • Select Acquisition of new right as the Transaction class.
  • Select Acquisition of new right as the Type of dutiable transaction.
  • Select Land in Queensland as the Type of dutiable property from the drop-down list.
  • Enter Water allocation in the Detailed description of property (other than land) text field.
  • The grantor is the transferor.
  • The grantee is the transferee.

Transfer of a water allocation

A transfer of a water allocation, or an agreement to transfer, is dutiable as a transfer of an existing right.

  • Select Transfer - other than land as the Transaction class.
  • In the Type of dutiable transaction drop-down list, select either:
    • Agreement to transfer dutiable property - for transactions evidenced by an agreement
    • Transfer of dutiable property - for transactions evidenced by a transfer only.
  • Select Existing right as the Type of dutiable property from the drop-down list.
  • In the Detailed description of property (other than land) field, enter the allocation (entitlement) number and the lot and plan number to which it is attached. (For example, water allocation WA24 on CP MPH242050.)

Records you need to keep

For this type of transaction, you must keep a completed dutiable transaction statement (Form D2.2).

Find out more about your record keeping obligations.

Also consider...

Contact

Office of State Revenue
For transfer duty self assessment queries:

For queries on payroll tax, land tax and royalties:

  • call 1300 300 734 (Australia) or +61 7 3179 2500 (overseas)
  • send an email using our online enquiry form.