Windfall Gains Tax Act 2021

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

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

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

the transferee under the transaction makes an election under subsection (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.

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

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

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

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