New right acquisition - water allocation procedure

Follow this procedure to help you lodge a new right acquisition of a water allocation using OSRconnect.

If the transaction is for the transfer of an existing water allocation, see the transfer of existing right procedure for instructions.

Use our water allocations toolkit for more information.

Note: The fields marked with an asterisk (*) are mandatory.

On the Lodgement Obligations tab:

  1. Select Transfer Duty from the Create return/transaction drop-down list.
  2. Select Create to start the transaction.
  1. You can enter your own reference (optional).
  2. Select Acquisition of new right as the Transaction Class.
  3. Select Acquisition of new right as the Type of dutiable transaction.
  4. Select Land in Queensland as the Type of dutiable property from the drop-down list.
  5. Enter the Transaction/Document date, using the calendar or text field (dd/mm/yyyy).
  6. For agreements, enter the Unconditional date - the date when the last allowable contract condition was satisfied (if applicable).
    Read the public ruling on extension of time to lodge an agreement (DA019.1) for more information.
  7. Answer the question: Is there an agreement in writing?
    This is for transactions evidenced, for example, by a deed, contract or agreement. If Yes, complete the remaining questions.
  8. Click Next.

The Property section will display first. Make sure you complete this stage following our data entry standards.

  1. Enter 'Water allocation' in the Detailed description of property (other than land) text field.

Image of the property details field for a water allocation

  1. Enter the water allocation number in the Lot from field.
  2. Select the Plan type from the drop-down list.
  3. Enter the Plan number that the water allocation is attached to.
  4. Click Add to register these details.

To add more properties, repeat steps 12 to 15.

  1. Select Transferors from the Document details list.

For new water allocations, the grantor is the transferor.

  1. Select the Transferor type from the drop-down list.
  2. Enter the transferor details.
  3. Click Add to register these details.

To add more transferors, repeat steps 17 to 19.

  1. Select Transferees from the Document details list.

For new water allocations, the grantee is the transferee.

  1. Answer the question: Are any of the transferor/s and transferee/s related?
    If Yes, you must hold evidence of value on file.
  2. Select the Transferee type from the drop-down list.
  3. Enter the transferee name details.

You need to enter an ABN or ACN for a company, and a date of birth for an individual.

  1. Enter the Interest acquired by the transferee as a fraction.
  2. Complete the transferee contact details.
  3. Click Add to register these details.

To add more transferees, repeat steps 22 to 26.

  1. Click Next.
  1. Answer the question: Is the consideration less than the unencumbered value?
    If Yes, you must assess on the evidence of value and keep a copy as part of your record keeping requirements.
  2. Enter the Consideration / Unencumbered value of the water allocation (whichever is greater).
  3. Answer No to the question: Is an exemption being claimed?
  4. Answer the question: Does this transaction form part of an arrangement that includes other dutiable transactions (Section 30)?
    If Yes, complete the remaining questions.
  5. Click Next.

The amount of duty payable is displayed, with interest (if applicable).

  1. Click Save to validate the data entered.
    The status message advises of any errors in the form.

A transaction number is created, and the transaction is saved in draft. (The transaction number will be displayed in a pop-up box that you can then close by clicking the X button.)

  1. Click Summary.
  2. Click Print for a hard copy.
  3. Click the X to close the summary.
  4. Click Next.
  1. Enter your full Name and contact details.
  2. Check the box to complete your acknowledgement.
  3. Click either:
    • Submit to lodge this transaction - you can then view this in Payment Obligations.
    • Save to save this transaction (click the X to close) - you can then view this in Lodgement Obligations.

You must lodge (submit) the transaction within 30 days of the liability date to avoid unpaid tax interest (UTI). Transactions with a liability amount owing must be paid within 14 days of being lodged.

If UTI is owed at the time of lodgement, it will continue to accrue until the outstanding amount is paid.