Windfall gains tax applies to land that is rezoned by certain planning scheme amendments, which result in a value uplift to the land of more than $100,000. The tax applies from 1 July 2023.
The taxable value uplift is the difference in the capital improved value of the land before and after the rezoning takes effect. Owners of land liable to pay will have the option to defer payment of all or some of the tax liability until the next dutiable transaction occurs or 30 years after the rezoning event, whichever occurs first.
The tax is administered by the Commissioner of State Revenue as a taxation law under the Taxation Administration Act 1997.
In the 2022–23 financial year, we established a project board and an interdepartmental committee to prepare for the application of the tax. The initiatives focused on operational readiness for 1 July 2023, stakeholder communication and changes to property clearance certificates.