Victorian Current Acts

WINDFALL GAINS TAX ACT 2021

TABLE OF PROVISIONS

   PART 1--PRELIMINARY

   1.      Purpose  
   2.      Commencement  
   3.      Definitions  
   4.      Taxation Administration Act 1997  
   5.      Act binds the Crown  

   PART 2--IMPOSITION OF WINDFALL GAINS TAX

   6.      Imposition of windfall gains tax  
   7.      When does liability for windfall gains tax arise?  
   8.      Who is liable for windfall gains tax?  

   PART 3--ASSESSMENT OF WINDFALL GAINS TAX

           Division 1--Rate of windfall gains tax

   9.      What is the rate of windfall gains tax?  

           Division 2--Determining taxable value uplift

   10.     What is the taxable value uplift of land?  
   11.     What is the value uplift of land?  
   12.     CIV1 and CIV2—rateable land and non-rateable leviable land  
   13.     CIV1 and CIV2—non-rateable non-leviable land  
   14.     Valuation of separate occupancies  
   15.     Value uplift of land not separately valued  

           Division 3--How is windfall gains tax assessed?

   16.     Windfall gains tax assessed on aggregated basis and apportioned  
   17.     Assessment of joint owners of land  
   18.     Assessment of trustees  

           Division 4--Grouping provisions

   19.     Assessment of windfall gains tax in relation to groups  
   20.     Constitution of groups  
   21.     Groups of corporations, trusts and both  
   22.     What are related corporations?  
   23.     What is a controlling interest in a corporation?  
   24.     Further provisions for determining whether corporations are related corporations  
   25.     What are related trusts?  

           Division 5--General

   26.     Notice of errors in notice of assessment  

   PART 4--DEFERRAL OF WINDFALL GAINS TAX

           Division 1--Preliminary

   27.     Definitions  
   28.     Meaning of excluded dutiable transaction  
   29.     Meaning of no consideration dutiable transaction  
   30.     Meaning of relevant charitable land transaction  

           Division 2--Deferral of payment

   31.     Persons other than relevant transferees may elect to defer payment of windfall gains tax  
   32.     Deferred windfall gains tax and accrued interest must be paid to Commissioner by due date  
   33.     Apportionment of deferred windfall gains tax and rolled over windfall gains tax where there is a registration of a plan of subdivision of WGT land  
   34.     Tax default if deferred windfall gains tax or rolled over windfall gains tax, and accrued interest, not paid on time  

           Division 3--General

   35.     Interest payable on deferred windfall gains tax  

   PART 5--EXEMPTIONS AND WAIVERS

           Division 1--Residential land exemption

   36.     What is residential land?  
   37.     Exemption in relation to residential land  

           Division 2--Other exemptions

   38.     Exemptions in relation to rezoning errors  
   39.     Exemptions in relation to pre-existing contracts of sale and options  
   40.     Exemptions in relation to rezonings underway before 15 May 2021  
   40A.    Exemption in relation to land owned by university  

           Division 3--Waivers

   41.     Waiver for charitable land  

   PART 6--GENERAL

   42.     Windfall gains tax is a first charge on land  
   43.     Secretary to provide rezoning information to Commissioner  
   44.     Regulations  
           ENDNOTES