The rate of windfall gains tax is set out in the following table.
Item |
Rate of windfall gains tax | |
1 |
Not more than $100 000 |
Nil |
2 |
More than $100 000 but less than $500 000 |
62·5% of that part of the taxable value uplift that exceeds $100 000 |
3 |
$500 000 or more |
50% of the taxable value uplift |
Division 2—Determining taxable value uplift