The new Windfall Gains Tax (WGT) introduced by the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 commenced on 1 July 2023 and in broad terms, applies to land in Victoria rezoned after 1 July 2023.
Practitioners need to be across this tax as it carries significant risk for clients and practitioners if it is not managed correctly.
We've put together information and resources to help practitioners understand the legislation, manage the associated risks and provide guidance about how to act now to avoid surprises later.
Key information
The Windfall Gains Tax (WGT) introduced by the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 commenced on 1 July 2023. In broad terms, WGT applies to land rezoned after 1 July 2023.
Risk management essentials short videos
Recorded webinars about Windfall Gains Tax
Recorded on 15 November 2022
This webinar, presented by expert state taxes advisor, Craig Whatman from Pitcher Partners, helps practitioners understand the new tax, how it may impact their clients and helps them identify some key risk management actions to take now to avoid any surprises.
Recorded on 24 March 2022
In this recorded webinar tax specialist presenter Matthew Cridland, Partner - K&L Gates, discusses the new Windfall Gains Tax provisions that come into operation on 1 July 2023 and what practitioners will need to consider now. Matthew also provides an update on the circumstances where the expanded 'economic entitlement' provisions may apply, potentially triggering a duty liability.
Useful links
Legislation
Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021
State Revenue Office
Windfall gains tax — frequently asked questions
Windfall gains tax — exemptions and exclusions
Windfall gains tax — residential land exemption
Defer a windfall gains tax liability
Department of Treasury and Finance fact sheet
Windfall gains tax help
Need assistance to find the answer to a question about WGT? LPLC can help.
