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Published on 12 October 2021
The Victorian Government has made a further announcement about a new windfall gains tax, which was first announced as part of the 2021-22 Victorian Budget.
It is proposed that a new windfall gains tax will be applied to land rezoned by a planning scheme decision made on or after 1 July 2023 where the decision results in an increase in the value of the land by $100,000 or more. The effective rate of tax will be up to 50% of the value uplift.
Legislation to support this measure is yet to be passed by Parliament.
The SRO website will be updated with further information once the measure becomes law. In the meantime, please refer to the Department of Treasury and Finance website for more information.