What exclusions should practitioners be aware of in relation to windfall gains tax (WGT)?
James Hamblin, Special Counsel at MinterEllison, speaks with LPLC's Phil Nolan and outlines the main exclusions from WGT on rezoned land.
Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021
Windfall Gains Tax Exemptions and Exclusions
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.
What are some of the criteria that may mean that a rezoning of land is exempt from windfall gains tax?
James Hamblin, Special Counsel at MinterEllison, speaks with LPLC's Phil Nolan and outlines some of the potential exemptions from WGT.
The new Windfall Gains Tax (WGT) will potentially impact real estate transactions that your clients enter into now, if those transactions relate to land in Victoria that is rezoned on or after 1 July 2023.
Clients should be alerted to the potential tax liability and how it may apply to them.
Legal practitioners acting in property transactions take note that the foreign resident capital gains withholding (FRCGW) rules are changing on 1 January 2025.
The Legal Practitioners’ Liability Committee (LPLC) is pleased to announce the appointment of Mary Maini as LPLC’s new Chief Executive Officer from 6 January 2025.
The LPLC Annual Report for 2023–2024 was tabled in the Victorian Parliament on 31 October 2024.
