Under a typical standard contract:
All outgoings and income are adjusted as between the Seller and the Buyer to midnight of the day prior to the Settlement Date. After Settlement, the outgoings must be paid by the Buyer (who must indemnify the Seller in respect of them), and the income will belong to the Buyer. In particular:
additional water must be adjusted
land tax must be adjusted on a single holding basis.
if the Land comprises a unit in a deposited unit (strata) plan particular further adjustments between the parties are made.
if the Seller incurs any cost or expense in complying with a statutory requirement between the date of the Agreement and the date of settlement by any local authority in respect of the Land or of any road adjoining the Land, the Buyer must repay the Seller that amount on Settlement. If the Seller fails to comply with such a requirement before the completion of the Purchase, the Buyer must indemnify the Seller in respect of the requirement.