Registrations open for windfall gains tax webinar
Registrations are open for the community to attend a free public webinar on the Victorian Government’s new windfall gains tax which comes into effect from July 1, 2023.
The City of Greater Bendigo is hosting the free webinar on Wednesday March 2, 2022 from 7pm to 8pm with guest speakers Director of Business Services Dennis Barnett from AFS and Associates and Director Property and Development Mark Donaldson at Beck Legal.
The speakers will present details on the new windfall gains tax and respond to community queries. Any information provided by the guest speakers will be general in nature.
Members of the Rural Communities Committee and Farming and Agribusiness Advisory Committee have identified this subject as being of broad community interest. The Chair for both committees Mayor Cr Andrea Metcalf will also be attending the free webinar.
From July 1, 2023, a windfall gains tax will apply to land that has increased in value by $100,000 or more as a result of government rezoning. The tax liability will rest with the landowner at the time the windfall gains tax occurs.
This is called a ‘value uplift’ which is the difference in the land’s value before and after rezoning. The Valuer-General Victoria will be responsible for determining the value of the land before and after rezoning takes effect. (Some exemptions will apply). Value uplifts under $100,000 will not be liable for the tax.
Mayor Cr Andrea Metcalf said the webinar was designed to help inform the community, particularly landowners, about the new State Government legislation.
“We are pleased to host this free webinar with guest speakers Dennis Barnett from AFS and Associates and Mark Donaldson from Beck Legal who will make presentations on various aspects of the Victorian Government’s new windfall gains tax and answer questions from attendees,” Cr Metcalf said.
“For those attending, you are encouraged to submit your questions when you register for this free and informative webinar. This will help to ensure the guest speakers respond to aspects of greatest community interest.”