16
In forceWindfall gains tax assessed on aggregated basis and apportioned
Part 3Assessment of windfall gains tax
Division 3How is windfall gains tax assessed?
16 Windfall gains tax assessed on aggregated basis and apportioned
(1)
Subject to this Act, a taxpayer is to be assessed for windfall gains tax on the aggregated taxable value uplift of all the land owned by the taxpayer that is rezoned by a WGT event.
(2)
The windfall gains tax is to be apportioned to land on each title in the same proportion as the proportion the taxable value uplift of that land bears to the aggregated taxable value uplift.
(3)
In determining the aggregated taxable value uplift of all the land owned by the taxpayer that is rezoned by a WGT event, any negative taxable value uplifts must be ignored.
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