Windfall gains tax — Payment and deferral

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.