Hi Guys,
Does anyone know what this is and what it means for the owner of an IP?
All response welcome
Cheers,
KenThe basis tenet is that a government department eg roads, rail, water etc require your property for infrastructure purposes. Depending upon who is acquiring and for what purpose determines whether you are covered under state or Federal legislation.
THere is a whole branch of valuation devoted to this form of acquisition and it is best to engage a valuer to act on your behalf ASAP to ensure that you do not limit your compensation.
There are major differences between how states and the feds determine compensation so it is essential to get in contact with your valuer so that you can understand the effect of any such notice.
As it is an investment property any compensation you get will basically be the sale price of your property – don't forget the capital gains tax issues (check if there is an exemption in this case – don't think so though). Make sure if it does happen that you remember that you will have to pay the CGT in that financial years tax return – budget for it.
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