Windfall Gains Tax Deductions Shelved
The introduction of windfall gains tax under the Windfall Gains Tax and State Taxation and Other Acts Further Amendment Act 2021 (Vic) (Act) has been highly controversial from the outset due to real concerns as to whether the tax truly captures a purported “windfall” by landowners who rezone land in Victoria and its punitive tax rate of 50% of such gains.
2022 Victorian State Budget – Unannounced changes introduced to the Victorian tax regime
Windfall Gains Tax
Windfall Gains Tax - legislation released – certain concessions granted
In line with the 2021/22 Victorian Budget announcements and following targeted consultations with various stakeholders, the Victorian Government has recently tabled a Bill to introduce the windfall gains tax - Windfall Gains Tax and State Taxation and Other Acts Further Amendment Bill 2021 (Bill).