Victorian Current Acts

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WINDFALL GAINS TAX ACT 2021 - SECT 7

When does liability for windfall gains tax arise?

    (1)     Liability for windfall gains tax arises when the WGT event occurs.

    (2)     For the purposes of this Act, a WGT event occurs when the rezoning that constitutes the WGT event takes effect under the Planning and Environment Act 1987 .

Notes

1     Section 14 of the Taxation Administration Act 1997 provides for notices of assessment and provides that tax is payable on or before the day specified in the notice.

2     See Part 4 for deferrals of windfall gains tax.



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