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.
- See the data entry standards for OSR Online.
- Read the public ruling on the duty implications of dealings with water entitlements (DA000.4).
- Find transfer duty rates or use the transfer duty calculator to work out a duty liability.
- Get help with OSR Online.
- View the list of approved transactions for self assessors.
- Last reviewed: 14 Oct 2020
- Last updated: 14 Oct 2020
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