Land purchasing policy
QWI has made a firm commitment to treat all landowners affected by any of its projects, fairly and with respect. QWI has developed a Land Purchasing Policy to ensure that landowners are paid fair market value for their land, including provision for reasonable costs incurred as a result of selling their property to QWI.
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Leaseback policy
QWI recognises that there is a substantial benefit to the local community in allowing the land required for the projects to remain in productive use by existing landholders for as long as possible. Therefore, land that is purchased will be leased back to the current owners at favourable rents until required for the projects.
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Capital Gains Tax
The land purchase process associated with the proposed Wyaralong Dam is voluntary and aimed at assisting affected landholders to obtain early resolution of their position should they wish to do so.
As some landholders have identified Capital Gains Tax (CGT) associated with the sale of their property, QWI has sought and received a ruling from the Australian Taxation Office (ATO) relating to Capital Gains Tax (CGT) rollover relief for landholders.
The class ruling may be relevant to individual landholder circumstances depending on whether certain conditions are satisfied. As the matter is complex, QWI continues to recommend that landholders seek appropriate professional advice for their individual circumstances.
The ATO has published a CGT class ruling relating to land acquisitions for the proposed Wyaralong Dam. To view that ruling on the ATO website click here. (Please note that this link is on the Australian Taxation Office website, and QWI is not responsible for information on this website).
The CGT class ruling confirms that CGT rollover relief can apply to the sale of land to QWI depending upon the circumstances applicable to individual landowners.
QWI cannot provide taxation advice or otherwise confirm that CGT rollover relief will definitely apply to each landowner. For that reason, QWI recommends that each landowner obtain appropriate professional advice regarding their particular CGT circumstances.