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Struggling to find the answer to a question about Windfall Gains Tax (WGT)? LPLC can help.

LPLC have produced a range of resouces about WGT available in our WGT hub. The State Revenue Office also has plenty of information and answers to FAQs.

If you cannot find the answer you're looking for there and are insured with LPLC, contact us and speak with one of our Risk Managers. If we still cannot answer your question we'll refer you to a practitioner who has experience with WGT and associated issues.

Contact us for support:

+61 3 9672 3800

More on Windfall Gains Tax

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LPLC Articles

Windfall gains tax hub

Conveyancing, Tax, Building and Construction 23 Jun 23

The new Windfall Gains Tax (WGT) introduced by the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 commences on 1 July 2023.

In broad terms, WGT applies to land rezoned after 1 July 2023.

Practitioners need to be across the issues now, particularly if negotiating long term sale contracts, or options, that will settle after that date that may then be subject to the WGT.

We've put together information and resources to help lawyers understand the legislation, manage the associated risks and provide guidance about how to act now to avoid surprises later.

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Videos

Windfall gains tax essentials

Conveyancing, Tax 22 Jun 23

In this series of short videos, James Hamblin, Special Counsel at MinterEllison, speaks with LPLC's Phil Nolan about the key dates and issues practitioners need to be aware of to manage their risk in relation to windfall gains tax.

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Webinars

Windfall Gains Tax is here — Understand it and act now

Conveyancing, Tax, Mortgages 17 Nov 22

Windfall Gains Tax (WGT) affects lawyers with clients buying, selling or developing land re-zoned from 1 July 2023. This includes not just conveyancers, but those working in property development, lending, family, commercial and other areas of law.

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News

LPLC Annual Report 2023-2024

31 Oct 24

The LPLC Annual Report for 2023–2024 was tabled in the Victorian Parliament on 31 October 2024.

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Alert

Vacant Residential Land Tax—Changes to ‘Holiday Home’ Exemption

Tax 17 May 24

The Victorian Government has introduced the State Tax Amendment Bill 2024 which, amongst other taxation changes, will (if passed) broaden the holiday home exemption to allow shareholders of companies, as well as certain beneficiaries of trusts and relatives of those shareholders and beneficiaries, to satisfy the exemption for a property owned by a company or trust.

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Alert

Snapshot of Major Victorian Property Tax Changes effective from 1 January 2024

Conveyancing, Tax, GST, Leases, Building and Construction, Building and Construction 13 Dec 23

The State Taxation Acts and Other Acts Amendment Act 2023 received Royal Assent on 12 December 2023. The new law introduces significant property tax changes in Victoria with effect from 1 January 2024.

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