From www.dbalawyers.com.au: Since July 1, 2023, Victoria has implemented a Windfall Gains Tax (WGT) on land that experiences a value increase of over $100,000 due to rezoning, calculated based on the uplift in capital improved value.

Landowners can defer their WGT liability under certain conditions, but must do so before the due date on their assessment, with penalties for unpaid or deferred tax.

Exemptions are available for specific categories of land, including residential land up to two hectares and land rezoned for public use.