Victorian Numbered Acts

WINDFALL GAINS TAX AND STATE TAXATION AND OTHER ACTS FURTHER AMENDMENT ACT 2021 (NO. 52 OF 2021) - SECT 30

    (1)     For the purposes of this Part, a dutiable transaction relating to charitable land is a relevant charitable land transaction if—

        (a)     a WGT event has occurred in respect of the charitable land before the dutiable transaction and since that WGT event the charitable land has been such land continuously and exclusively; and

        (b)     the transferee under the transaction will continue to use the land as charitable land; and

        (c)     the transferee under the transaction makes an election under subsection (2).

    (2)     The transferee may elect to assume the liability to pay the whole of the deferred windfall gains tax and any accrued interest payable under this Part by making the election to the Commissioner in a form approved by the Commissioner.

    (3)     An election under subsection (2) must be made on or before the date of completion of the dutiable transaction.

    (4)     On completion of the dutiable transaction and acceptance by the Commissioner of an election under subsection (2)—

        (a)     the transferee becomes liable to pay the whole of the deferred windfall gains tax and any accrued interest payable under this Part; and

        (b)     the liability of the transferor to pay the deferred windfall gains tax and any accrued interest payable under this Part is extinguished.

Division 2—Deferral of payment