Australian Capital Territory Numbered Acts Australian Capital Territory Numbered Actsinsert
Division 2.5A Amount of grant—certain eligible transactions
24A Definitions—div 2.5A
(1) In this division:
"comprehensive home building contract"—see section 13 (7).
contract for an ‘off-the-plan' purchase , of a new home, means a contract for the purchase of the home on a proposed lot in an unregistered plan of a subdivision of land.
"contract for the purchase of a home"—see section 13 (7).
"GST Act" means the A New Tax System (Goods and Services Tax) Act 1999 (Cwlth).
"new home" means a home that has not been previously occupied or sold as a place of residence, and includes a substantially renovated home and a home built to replace demolished premises.
"owner-builder"—see section 13 (7).
(2) For this division, a home is a substantially renovated home if—
(a) the sale of the home is, under the GST Act , a taxable supply as a sale of new residential premises within the meaning of that Act, section 40-75 (1) (b) (Meaning of new residential premises ); and
(b) the home, as renovated, has not previously been occupied or sold as a place of residence.
(3) For this division, a home is a home built to replace demolished premises if—
(a) for an eligible transaction that is a contract for the purchase of a home—the sale of the home is, under the GST Act, a taxable supply as a sale of new residential premises within the meaning of that Act, section 40-75 (1) (c); and
(b) for an eligible transaction that is a comprehensive home building contract for a home or the building of a home by an owner-builder—the home is, under the GST Act , new residential premises within the meaning of that Act, section 40-75 (1) (c); and
(c) the home, as built to replace the demolished premises, has not previously been occupied or sold as a place of residence; and
(d) the owner of the home did not occupy the demolished premises as a place of residence before they were demolished.
24B Amount of grant—certain eligible transactions
(1) The amount of the first home owner grant in relation to an eligible transaction is $7 000 plus—
(a) if the eligible transaction qualifies for the first home owner boost for new homes under section 24C—$14 000; or
(b) if the eligible transaction qualifies for the first home owner boost for established homes under section 24D—$7 000.
(2) However, if the consideration for the eligible transaction is less than or equal to the amount of the first home owner grant in relation to the transaction, the maximum amount of the first home owner grant is the consideration for the transaction.
Example
Sarah's parents sold a home they owned in the ACT to her for $10 000. The contract for the purchase is an eligible transaction, and the transaction qualifies for the first home owner boost for established homes. Instead of being paid a grant of $14 000, Sarah is paid a grant of $10 000.
Note An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
24C First home owner boost for new homes
(1) An eligible transaction that is a contract for the purchase of a new home (other than a contract for an ‘off-the-plan' purchase of a new home) qualifies for the first home owner boost for new homes if the contract is made on or after 14 October 2008 and on or before 30 June 2009, or a later date prescribed by regulation.
(2) Also, an eligible transaction that is a contract for an ‘off-the-plan' purchase of a new home qualifies for the first home owner boost for new homes—
(a) if the contract is made on or after 14 October 2008 and on or before 30 June 2009, or a later date prescribed by regulation; and
(b) if—
(i) the contract includes a provision to the effect that the eligible transaction must be completed before 1 January 2011; or
(ii) the eligible transaction is completed before 1 January 2011, or a later date the commissioner allows if satisfied on reasonable grounds that there are exceptional circumstances that prevented completion before 1 January 2011.
Example—exceptional circumstances
the builder becomes bankrupt before the eligible transaction is completed
Note An example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act, s 126 and s 132).
(3) Also, an eligible transaction that is a comprehensive home building contract for a new home qualifies for the first home owner boost for new homes—
(a) if the contract is made on or after 14 October 2008 and on or before 30 June 2009, or a later date prescribed by regulation; and
(b) if the laying of the foundations for the home begins within 26 weeks after the day the contract is made, or any longer period the commissioner allows if satisfied on reasonable grounds that there are exceptional circumstances that prevented the laying of the foundations within the 26 weeks; and
(c) if—
(i) the contract includes a provision to the effect that the building work must be completed within 18 months after the day the laying of the foundations for the home begins; or
(ii) the building work is completed within 18 months after the day the laying of the foundations for the home begins, or any longer period the commissioner allows if satisfied on reasonable grounds that there are exceptional circumstances that prevented the completion within the 18 months.
(4) Also, an eligible transaction that is the building of a new home by an owner-builder qualifies for the first home owner boost for new homes if—
(a) the commencement date of the eligible transaction is on or after 14 October 2008 and on or before 30 June 2009, or a later date prescribed by regulation; and
(b) the transaction is completed within 18 months after the commencement date, or any longer period the commissioner allows if satisfied on reasonable grounds that there are exceptional circumstances that prevented the completion within the 18 months.
(5) However, an eligible transaction that is a contract does not qualify for the first home owner boost for new homes if the commissioner is satisfied on reasonable grounds that—
(a) the contract replaces a contract made before 14 October 2008; and
(b) the replaced contract was—
(i) a contract for the purchase of the same home; or
(ii) a comprehensive home building contract to build the same or a substantially similar home.
24D First home owner boost for established homes
(1) An eligible transaction qualifies for the first home owner boost for established homes if—
(a) the eligible transaction is a contract for the purchase of a home; and
(b) the home is not a new home; and
(c) the contract is made on or after 14 October 2008 and on or before 30 June 2009, or a later date prescribed by regulation.
(2) However, an eligible transaction that is a contract for the purchase of a home does not qualify for the first home owner boost for established homes if the commissioner is satisfied that—
(a) the contract replaces a contract made before 14 October 2008; and
(b) the replaced contract was a contract for the purchase of the same home.
24E Validating payment of grants for certain eligible transactions
The payment of an amount as a first home owner grant before the day this division commences, and anything done under this Act or the Taxation Administration Act 1999 in relation to the grant, is validated to the extent that it would have been valid if this Act (as amended by the First Home Owner Grant Amendment Act 2009 ) had been in force when the payment was made or the thing was done.
24F Transitional regulations
(1) A regulation may prescribe transitional matters necessary or convenient to be prescribed because of the enactment of the First Home Owner Grant Amendment Act 2009 .
(2) A regulation may modify this division to make provision in relation to anything that, in the Executive's opinion, is not, or is not adequately or appropriately, dealt with in this division.
(3) A regulation under subsection (2) has effect despite anything else in this Act.
24G Transitional effect—Legislation Act, s 88
This division (other than section 24F) is a law to which the Legislation Act, section 88 (Repeal does not end effect of transitional laws etc) applies.
24H Expiry—div 2.5A etc
This division and the following definitions in the dictionary expire on 1 July 2013:
• comprehensive home building contract
• contract for an ‘off-the-plan' purchase
• contract for the purchase of a home
• GST Act
• home built to replace demolished premises
• new home
• owner-builder
• substantially renovated home .