13A

Eligibility cap

Current

(1)

The total value of the eligible transaction must not exceed the eligibility cap for the type of first home owner grant that is available under this Act for that eligible transaction.

(2)

The eligibility caps are as follows—

(a)

$750,000 for a first home builder’s grant,

(b)

$600,000 for a first home purchaser’s grant.

(3)

The question of whether the total value of a transaction exceeds the amount of the eligibility cap is determined by reference to the total value of the transaction as at—

(a)

for a contract for the purchase of a home—the commencement date, or

(b)

for a comprehensive home building contract—the date the transaction is completed, or

(c)

for the building of a home by an owner builder—the date the transaction is completed.

Note.

Section 20 authorises the grant to be paid before completion of an eligible transaction if the Chief Commissioner considers it appropriate.

(4)

The regulations may prescribe a different amount as the eligibility cap for any type of first home owner grant and may make provision for the eligible transactions to which the eligibility cap applies.

(5)

This section applies to the payment of a first home owner grant in respect of an eligible transaction that has a commencement date on or after 1 July 2017.

Note.

For eligible transactions with a commencement date before 1 July 2017, the transitional provisions in Schedule 1 apply. They preserve the previous first home owner grant cap as it applied to those transactions.

This Act’s bill:Explanatory memorandum

Research tools for this sectionSubscription

Cited by Analyse Interrogate History Equivalents

The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.