2021
2021
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Victorian Windfall Gains Tax bill passed During May 2021, the Victorian State Budget first announced new measures to impose a windfall gains tax on the increase in value of land resulting from a rezoning. The bill outlining the legislative framework for these measures has now passed through the Victorian parliament and received royal assent on 30 November 2021. What is a windfall gains tax? Broadly, the windfall gains tax ( WGT ) is a tax on unrealised property value gains which arise as result of a rezoning or amendment to a planning scheme (ie. the “taxable value uplift” ) and occurs at the time land is rezoned (ie. a WGT event). The WGT is not a duty, nor is it a form of land tax. Where an entity owns multiple parcels of land that are impacted by the same rezoning, WGT is levied on the aggregate taxable value uplift of the land, ignoring any decreases in taxable value. Grouping and aggregation provisions are applicable so that the $100,000 threshold applies only once to properties owned by the same owner or group of associated entities and rezoned under the same planning scheme amendment. The WGT will apply when the taxable value uplift of all land owned by an owner (or group) resulting from the same planning scheme amendment (ie. rezoning) exceeds $100,000, as follows:
Last Thursday (12 August 2021), the Victorian Government released full details of the Small Business COVID Hardship Fund intended to assist eligible small and medium businesses whose operations have been severely impacted by COVID restrictions that have been in place between 27 May 2021 and August 2021. This program offers grants of $10,000 to eligible small and medium businesses, including employing and non-employing businesses. Application are open from Thursday 12 August 2021 until program funds are exhausted or Friday 10 September 2021 , whichever is earlier This program intends to offer support for more businesses who have previously not received support via other COVID support packages. Grant funds must be used to assist the business with meeting business costs (ie. utilities, wages, rent), developing marketing and communications activities; or any other supporting activities related to business. Who is not eligible to apply? Before we consider the eligibility criteria, it is worth noting which businesses are not eligible to apply for this support package. Businesses will not be eligible to receive this grant if they have previously received support under any of the government COVID support packages launched on and after 27 May 2021 , including: Business Costs Assistance Program Round Two Business Costs Assistance Program Round Two Extension Licensed Hospitality Venue Fund 2021 Licensed Hospitality Venue Fund 2021 – July Extension Alpine Resorts Support Program Victorian Events Support Package, comprising of: Sustainable Events Business Program Impacted Public Events Support Program Independent Cinema Support Program Live Performance Support Program (Presenters) Live Performance Support Program (Suppliers) Further information on the packages listed above can be seen via the Business Victoria website . Finally, organisations that operate a private gender-exclusive club where membership is only by invitation or nomination by an existing member are not eligible for this support package.
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