(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.