Amendments to the GAIC Scheme
As part of the Gillard Government's election commitment, the
Planning and Environment Amendment (Growth Areas
Infrastructure Contribution) Act 2011 was enacted on 29 June
2011 which sets out major changes to the Growth Areas
Infrastructure Scheme (GAIC) Scheme.
100 Percent Deferral
The existing 70% deferral of a GAIC liability for a
dutiable transaction on lands in the contribution areas has now
increased to 100% in respect of land transfers with a settlement
date on or after 30 June 2011 or significant acquisitions made on
or after that date.
WIK Agreements
There is now scope to partly or fully settle GAIC liability
"in-kind" instead of strict cash payments by entering
into 'work-in-kind '(WIK)
agreements. To be administered by the Growth Area Authority
(GAA) and the State Revenue Office
(SRO), these agreements provide for land or works
instead of cash payment in discharge of a GAIC liability.
