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WINDFALL GAINS TAX AND STATE TAXATION AND OTHER ACTS FURTHER AMENDMENT ACT 2021 (NO. 52 OF 2021) 


TABLE OF PROVISIONS

   PART 1--PRELIMINARY

   1.      Purposes  
   2.      Commencement  
   3.      Definitions  
   4.      Taxation Administration Act 1997  
   5.      Act binds the Crown  

   PART 2--IMPOSITION OF WINDFALL GAINS TAX

   6.      Imposition of windfall gains tax  
   7.      When does liability for windfall gains tax arise?  
   8.      Who is liable for windfall gains tax?  

   PART 3--ASSESSMENT OF WINDFALL GAINS TAX

           Division 1--Rate of windfall gains tax

   9.      What is the rate of windfall gains tax?  

           Division 2--Determining taxable value uplift

   10.     What is the taxable value uplift of land?  
   11.     What is the value uplift of land?  
   12.     CIV1 and CIV2—rateable land and non-rateable leviable land  
   13.     CIV1 and CIV2—non-rateable non-leviable land  
   14.     Valuation of separate occupancies  
   15.     Value uplift of land not separately valued  

           Division 3--How is windfall gains tax assessed?

   16.     Windfall gains tax assessed on aggregated basis and apportioned  
   17.     Assessment of joint owners of land  
   18.     Assessment of trustees  

           Division 4--Grouping provisions

   19.     Assessment of windfall gains tax in relation to groups  
   20.     Constitution of groups  
   21.     Groups of corporations, trusts and both  
   22.     What are related corporations?  
   23.     What is a controlling interest in a corporation?  
   24.     Further provisions for determining whether corporations are related corporations  
   25.     What are related trusts?  

           Division 5--General

   26.     Notice of errors in notice of assessment  

   PART 4--DEFERRAL OF WINDFALL GAINS TAX

           Division 1--Preliminary

   27.     Definitions  
   28.     Meaning of excluded dutiable transaction  
   29.     Meaning of no consideration dutiable transaction  
   30.     Meaning of relevant charitable land transaction  

           Division 2--Deferral of payment

   31.     Persons other than relevant transferees may elect to defer payment of windfall gains tax  
   32.     Deferred windfall gains tax and accrued interest must be paid to Commissioner by due date  
   33.     Apportionment of deferred windfall gains tax and rolled over windfall gains tax where there is a registration of a plan of subdivision of WGT land  
   34.     Tax default if deferred windfall gains tax or rolled over windfall gains tax, and accrued interest, not paid on time  

           Division 3--General

   35.     Interest payable on deferred windfall gains tax  

   PART 5--EXEMPTIONS AND WAIVERS

           Division 1--Residential land exemption

   36.     What is residential land?  
   37.     Exemption in relation to residential land  

           Division 2--Other exemptions

   38.     Exemptions in relation to rezoning errors  
   39.     Exemptions in relation to pre-existing contracts of sale and options  
   40.     Exemptions in relation to rezonings underway before 15 May 2021  

           Division 3--Waivers

   41.     Waiver for charitable land  

   PART 6--GENERAL

   42.     Windfall gains tax is a first charge on land  
   43.     Secretary to provide rezoning information to Commissioner  
   44.     Regulations  

   PART 7--AMENDMENT OF DUTIES ACT 2000

   45.     Private vehicle used to convey incapacitated person  
   46.     New section 233CA inserted  
   47.     Statute law revision—Duties Act 2000  

   PART 8--AMENDMENT OF ESSENTIAL SERVICES COMMISSION ACT 2001

   48.     New Part 7D inserted  

   PART 9--AMENDMENT OF GAMBLING REGULATION ACT 2003

   49.     Heading to Part 4 of Chapter 6A amended  
   50.     Division 2 of Part 4 of Chapter 6A substituted  
   51.     Hospitals and Charities Fund and Mental Health Fund  
   52.     New Part 4A inserted in Chapter 6A  
   53.     Other permitted disclosures  
   54.     New Part 38 inserted in Schedule 7  

   PART 10--AMENDMENT OF LAND TAX ACT 2005

           Division 1--Build to rent development benefits

   55.     Definitions  
   56.     New Division 7 of Part 2 inserted  
   57.     What is the rate of land tax?  
   58.     New Division 3B of Part 3 inserted  
   59.     New Division 2A of Part 4 inserted  

           Division 2--Exemptions and concessions

   60.     Section 71 repealed  
   61.     Charitable institutions and purposes  

           Division 3--Gender-exclusive and gender‑restrictive clubs

   62.     Land owned and occupied by non-racing clubs  
   63.     New section 73B inserted  

           Division 4--Statute law revision

   64.     Statute law revision—Land Tax Act 2005  

   PART 11--AMENDMENT OF STATE TAXATION AND MENTAL HEALTH ACTS AMENDMENT ACT 2021

   65.     Payroll of group over threshold where section 87(2) approval in force—employers covered by joint return are not all of the same type  
   66.     Amount of payroll tax to be paid each month  
   67.     Monthly payroll tax payable where section 87(2) approval in force—employers covered by joint return are all of same type  
   68.     Monthly payroll tax payable where section 87(2) approval in force—employers covered by joint return are not all of the same type  
   69.     New section 67A inserted  

   PART 12--AMENDMENT OF TAXATION ADMINISTRATION ACT 1997

           Division 1--Build to rent development amendment

   70.     Definitions  

           Division 2--Keno tax amendments

   71.     Meaning of taxation laws  
   72.     Offset of refund against other liability  
   73.     Criminal liability of officers of bodies corporate—failure to exercise due diligence  
   74.     Supreme Court—limitation of jurisdiction  

           Division 3--Tax offsets

   75.     Definitions—emergency tax relief  
   76.     New section 95CA inserted  

           Division 4--Grounds for objection

   77.     Grounds for objection  
   78.     Supreme Court—limitation of jurisdiction  

           Division 5--Administrative overpayments

   79.     Definitions  
   80.     New section 129A inserted  

           Division 6--Windfall gains tax amendments

   81.     Definitions  
   82.     Meaning of taxation laws  
   83.     Notice of assessment or withdrawal of assessment  
   84.     Notice of certain joint assessments  
   85.     Application for refunds  
   86.     Amount of penalty tax  
   87.     Arrangements for payment of tax  
   88.     Property clearance certificate  
   89.     Objection  
   90.     Grounds for objection  
   91.     Objections lodged out of time  
   92.     Objections concerning the value of property  
   93.     Refund of amount  
   94.     Supreme Court—limitation of jurisdiction  

   PART 13--AMENDMENT OF VALUATION OF LAND ACT 1960

   95.     Definitions  
   96.     New Part IIB inserted  
   97.     Notice of valuation  
   98.     New section 15AA inserted  
   99.     Who may object?  
   100.    Time for lodging objection  
   101.    Commissioner to be notified of certain objections  

   PART 14--AMENDMENT OF WATER ACT 1989

   102.    Application for review  
   103.    Review of required payments  
   104.    New Part 18 inserted  

   PART 15--AMENDMENT OF WATER INDUSTRY ACT 1994

   105.    Non application to Basin water charges  
   106.    Application of Commonwealth provisions  
   107.    New Part 11 inserted  

   PART 16--RENAMING OF ACT AND REPEAL OF AMENDING PROVISIONS

   108.    Renaming of this Act  
   109.    Section 1 substituted  
   110.    Repeal of amending provisions  
           ENDNOTES

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