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What are the key dates to pay attention to when it comes to Windfall Gains Tax (WGT)?

James Hamblin, Special Counsel at MinterEllison, speaks with LPLC's Phil Nolan and outlines the WGT dates to be aware of.

In broad terms, the WGT applies to land rezoned from 1 July 2023, but practitioners need to be across the key dates and issues ahead of time, particularly if negotiating long term sale contracts, or options, that will settle after that date that may then be subject to the WGT.

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Legislation

Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021

State Revenue Office

Windfall Gains Tax

Department of Treasury and Finance fact sheet

Windfall Gains Tax

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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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