Replacement contracts
19 Replacement contracts
A contract made on or after 1 October 2012 that replaces a contract made before that date (an earlier contract) is taken, for the purposes of Part 2 of this Act, as in force immediately before its amendment by the State Revenue and Other Legislation Amendment (Budget Measures) Act 2012—
to have been made on the date the earlier contract was made, and
to have a commencement date that is the date the earlier contract was made.
A contract replaces another contract if the Chief Commissioner is satisfied the contract made at the earlier date was a contract for the purchase of the same home or a comprehensive home building contract to build the same or a substantially similar home.
Note.
Under section 13 (3A), the above transaction is not an eligible transaction. As a result of this transitional provision the transaction may still be eligible for the grant that was payable before 1 October 2012.
This Act’s bill:Explanatory memorandum
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