Windfall Gains Tax – impact for landowners, purchasers and developers
The Windfall Gains Tax is Victoria’s newest property tax, which will apply to certain rezonings of land from 1 July 2023 onwards.
Since being announced last year, it has attracted significant attention and controversy due to the impact on property development transactions and the market more generally, as well as the challenges it is already creating for landowners, purchasers and developers.