Windfall Gains Tax Valuations
Sovereign Valuations provides valuation advice for Windfall Gains Tax assessments. Windfall Gains Tax (WGT) can be payable when rezoned land has an uplift in value of greater than $100,000, with the tax levied by the State Revenue Office (SRO). You can view the SRO’s guidance on the WGT by clicking here.
The market value of land subject to rezoning is to be be assessed in accordance with the Valuation of Land Act 1960, with the Act stipulating any potential use of the site is to be considered. Within this complex field it can be prudent to obtain expert town planning advice to inform what the likelihood of rezoning was as well as the expected timeline.
Sovereign Valuations is experienced in undertaking hypothetical development valuations of speculative development sites situated close to the Urban Growth Boundary with consideration given to the cost, timeline and risk of rezoning amongst other factors.
Contact us today to find out more about our WGT valuation service and how we are able to assist with your requirements.