Windfall gains tax is a first charge on land
42 Windfall gains tax is a first charge on land
Unpaid windfall gains tax (including any interest and penalty tax under the Taxation Administration Act 1997 and any accrued interest on deferral under Part 4) is a first charge on the land on which the tax is payable.
The charge has priority over all other encumbrances to which the land is subject.
If a person—
is a bona fide purchaser for value of land; and
obtains a certificate from the Commissioner under section 95AA of the Taxation Administration Act 1997 in respect of the land—
the charge does not secure any amount of windfall gains tax (including any interest and penalty tax) on the land in excess of the amount set out in the certificate.
If the certificate states that a WGT event has occurred that rezones the land but any windfall gains tax on the land is yet to be assessed, subsection (3) does not apply in relation to any windfall gains tax payable on the land in relation to that WGT event.
Note
Notice of a charge under this section may be lodged with the Registrar under section 106B of the Transfer of Land Act 1958.
S. 43 amended by No. 38/2023 s. 24.
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