Developers cry as Victoria passes windfall gains tax

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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