Opinion

Victorian land vendors face significant risk from new contract laws

Land owners are prohibited from entering into some sale of land contracts with provisions for the purchaser to pay land tax or windfall gains tax. There are significant financial risks for vendors and advisers who unwittingly get it wrong.

Matthew CridlandContributor

Jan 2, 2024 – 3.29pm

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As of January 1, Victorian land owners are prohibited from entering into certain contracts for the sale of land that have a provision requiring the purchaser to pay an amount because of either land tax or an existing windfall gains tax (WGT) liability.

The new laws apply differently depending on the tax concerned.