The State Government is implementing the Windfall Gains Tax (WGT) from 1st July 2023.
Any land subject to a rezoning occurring after 1/07/2023 which results in a Value Uplift of greater than $100000, may be subject to the Windfall Gains Tax, unless satisfying the exemptions & exclusions.
The Value Uplift will be assessed by the Valuer-General Victoria.
A Windfall Gains Tax rate of 62.5% applies for Rezoned land with Value Uplift of between $100000 to $500000.
A Windfall Gains Tax rate of 50% applies for Rezoned land with Value Uplift of greater than $500000.
The Owner of the land at the time of the rezoning will be issued a Windfall Gains Tax Assessment, with a date for payment. The payment can be deferred in part of full until the next dutiable transaction occurs or 30 years after the rezoning, whichever occurs first. If your property is affected by rezoning, you should seek specialist finacial advice.
Additional information is available through the State Revenue Office.
https://www.sro.vic.gov.au/windfall-gains-tax
