Building and Construction

The new Windfall Gains Tax (WGT) introduced by the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 commenced on 1 July 2023 and in broad terms, applies to land in Victoria rezoned after 1 July 2023.

Practitioners need to be across this tax as it carries significant risk for clients and practitioners if it is not managed correctly.

We've put together information and resources to help practitioners understand the legislation, manage the associated risks and provide guidance about how to act now to avoid surprises later.

Significant changes to the unfair contract terms (UCT) regime in the Australian Consumer Law commenced on 9 November 2023. Almost all Australian businesses are affected by the UCT regime and should review their standard form consumer contracts and small business contracts to ensure they do not include any 'unfair contract terms'. Legal practitioners providing contractual advice are expected to be aware of and understand the changes to advise their clients. Failing to do so may result in severe consequences for clients (including substantial penalties) and expose practitioners to professional negligence claims.

The amendments to the insolvency regime in the Corporations Act 2001 (Cwlth) to restrict the rights of parties to enforce ipso facto clauses in new contracts came into effect on 1 July 2018.