You might have received a notification from an Acquiring Authority (Such as Transport for NSW or RMS) that your land or property will be acquired for the following NSW projects:
Under the Land Acquisition (Just Terms Compensation) Act 1991, those who are affected by land acquisitions have the right to claim compensation. We’re here to ensure that you are properly represented and that your best interests are considered.
At Arver Law, we are able to help with the following:
Upon receiving the initial notification, you're alerted to the acquiring authority's interest in your property, marking the commencement of the acquisition process.
This stage involves preliminary discussions with the acquiring authority to negotiate terms and potentially agree on compensation, setting the groundwork for a fair settlement.
If you do not accept agreements in the initial negotiation stage, a Proposed Acqusition Notice (PAN) is issued which formally indicates the authority's intention to acquire your property.
With the Notice of Acquisition, the authority officially informs you of the property's acquisition, signaling the transfer of ownership rights under the law.
Compensation is calculated by the Valuer General based on various factors, including the property's value and personal loss, aiming to justly recompense you for the acquisition.
You'll have the opportunity to either agree with the compensation determined, finalizing the process, or dispute it if you believe it does not reflect the property's true value.
If a resolution isn't reached, you can file for proceedings in the Land and Environment Court within 90 days of receiving the compensation notice.
.webp)
With a reputation for excellence and a commitment to client satisfaction, we are the go-to law firm in Sydney & Parramatta for matters related to property transactions, conveyancing, commercial, family and estate law.
Get in touchAnne is an experienced property and commercial lawyer. She is approachable and is always striving to find cost effective solutions whilst using a pragmatic approach. She provides her clients with valuable advice, conducting strategic due diligence with a strong focus on streamlining processes to improve productivity and lower costs to meet client needs and objectives.
Full bio
When a business is confronted with compulsory acquisition, the financial and operational stakes are high. Expert legal advice is pivotal in ensuring you're adequately compensated for the upheaval. Here's how we can assist:
For Non-Relocatable Businesses:
For Relocatable Businesses:
Our team at Arver Law is dedicated to guiding you through the acquisition process, ensuring that the impact on your business is recognized and compensated fairly under the Land Acquisition (Just Terms Compensation) Act 1991. We're here to make sure that the transition is as seamless as possible and that your business emerges strong and stable.
When calculating the value of your property for compulsory acquisition, several factors are considered, including the current market value of the property, any special value to the owner, the property's highest and best use, and any severance or injurious affection losses. Additionally, compensation may include factors such as disturbance costs, relocation expenses, and any other financial impact directly attributable to the acquisition.
The Land Acquisition (Just Terms Compensation) Act 1991 is a New South Wales statute that governs the process by which certain bodies can compulsorily acquire land. The Act ensures that landowners receive 'just terms' compensation, which is fair and reflects the value of the property as well as any other losses incurred as a result of the acquisition. It outlines the rights of landowners, the procedures for acquisition, and the mechanisms for determining compensation.
Under the equitable provisions of the Land Acquisition (Just Terms Compensation) Act, the government is mandated to bear the costs of legal counsel and valuation expertise you engage to represent your interests. This legislative measure levels the playing field, recognising that while the government is well-versed in the nuances of land acquisition, property owners may be encountering this process for the first time.
It's a safeguard that ensures you have access to expert legal guidance without the stress of additional financial strain. To understand the full extent of your entitlements and the process ahead, reaching out to seasoned property lawyers can provide you with the specialised advice and representation you need, with the assurance that the financial obligations for these services will be addressed by the acquiring authority.
While the financial recompense from compulsory land acquisition typically does not count as taxable income, it can influence your capital gains tax (CGT) profile. This is particularly pertinent if the property in question isn't your primary dwelling or has been utilized to generate rental income. For those seeking to apply the main residence exemption to CGT, meticulous record-keeping becomes imperative. The Australian Taxation Office (ATO) may, in the course of a review or an audit, seek substantiation of your tax declarations.
To be prepared, you should retain:
These documents are vital in validating your exemption claims and in the precise calculation of any capital gain or loss. Due to the intricacies of tax regulations surrounding compulsory acquisition, consulting with a tax advisor is recommended to ensure compliance and optimization of your tax position.
