Exemption in relation to residential land
37 Exemption in relation to residential land
Windfall gains tax is not imposed on residential land (whether on one or more titles) that does not exceed 2 hectares if the land is the only residential land owned by a taxpayer that is rezoned by a WGT event.
If residential land (whether on one or more titles) owned by a taxpayer that is rezoned by a WGT event exceeds 2 hectares, the taxable value uplift of the land on each title for the purposes of this Act is to be adjusted in accordance with the formula—
where—
AVU is the adjusted taxable value uplift of the residential land on that title;
RL is the total area of all of the residential land in hectares;
VU is the taxable value uplift of the residential land on that title calculated under Division 2 of Part 3.
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