Developers cry as Victoria passes windfall gains tax
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On Friday, the Victorian Parliament passed a windfall gains tax for properties whose value is boosted by council rezoning.
The new tax will apply to properties where the value is boosted by more than $100,000, with a 50% tax on windfalls above $500,000 — unless they are subject to a Growth Areas Infrastructure Contribution.
As expected, the development lobby has reacted furiously:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.