The new Windfall Gains Tax (WGT) will affect lawyers with clients buying, selling or developing land that is 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.
From 1 July 2023, the increased value of rezoned land in Victoria can attract a 50% tax liability under the new Windfall Gains Tax provisions. Lawyers need to be across the issues now particularly if they are negotiating long term sale contracts that will settle after that date.
Lawyers need to identify the issues, advise their client, and document that advice.
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.
Date recorded: Tuesday 15 November
Presented by: Craig Whatman, Partner, Pitcher Partners
CPD: 1 CPD Substantive Law