Property
Property work is technical and time critical, combined with time and cost pressures and involving a client’s most valuable asset, the stakes are high.
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. However, 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.