From 1 July 2023, a windfall gains tax applies when land is rezoned by a planning scheme amendment resulting in a taxable value uplift to the land of more than $100,000. In determining the taxable value uplift, all land owned by the person or group and rezoned by the same planning scheme amendment is taken into account.
You may elect to defer payment of the windfall gains tax. You must apply to defer before the due date listed on your windfall gains tax assessment. You can apply by completing an online Smartform, by following the instructions below.
You may defer your windfall gains tax liability in its entirety, or in part. If deferring only part of the liability, you will need to specify what percentage of the liability you are deferring or alternatively specify the properties in respect of which you are deferring the liability. Note that any part of the liability that is not deferred must be paid by the due date specified on your assessment.
Deferral of windfall gains tax attracts interest at the applicable 10-year Treasury Corporation of Victoria bond rate.
The deferral will remain in place until whichever of the following occurs first:
- a dutiable transaction occurs in respect of the land, or
- a relevant acquisition occurs in respect of the landholder who owns the land, or
- 30 years after the rezoning event.
Certain dutiable transactions and relevant acquisitions will not cease deferral. A dutiable transaction that occurs as a result of the sale of the land will generally always cease deferral.
Where deferral ceases, full payment must be made within 30 days.
Prepare your information
The following information is needed to complete the windfall gains tax deferral form, but refer to the form for specific instructions:
- Your contact details, including phone number and email address.
- Your relationship with the land (as the owner or the owner’s representative).
- Your WGT assessment details, including customer number, assessment number and assessment issue date.
Complete your application
The windfall gains tax deferral form must be completed and submitted electronically.
The ‘Save and Close’ button on the form allows you to save your form to complete at a later date.
We use all the information in the application to update our records and may, where we are authorised to do so, pass on the changes to other government agencies.
If you have trouble submitting your application form, please contact us on 13 21 61 or contact us online.
Download and save the receipt
After you submit your application, you will be directed to a receipt page.
Note your receipt number and quote this number if you contact us about your application. Please save a copy of the receipt for your records.
We will notify you via the email address provided in the Smartform once the deferral has been processed.