39
In forceExemptions in relation to pre-existing contracts of sale and options
Part 5Exemptions and waivers
Division 2Other exemptions
39 Exemptions in relation to pre-existing contracts of sale and options
Windfall gains tax is not imposed on land that is rezoned by a WGT event if—
(a)
the land is subject to a contract of sale entered into before 15 May 2021 that has not been completed by the transfer of the land before the WGT event occurred; or
(b)
the land is subject to an option to enter into a contract of sale granted before 15 May 2021 that has not been exercised before the WGT event occurred or has been exercised and the contract of sale to which the option relates has not been completed before the WGT event occurred, but only if the terms of the contract of sale were settled at the time the option was granted.
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