New homes
4A New homes
A home is a new home if:
the home has not been previously occupied or sold as a place of residence; or
all of the following apply:
the home is the subject of a contract for the purchase of the home;
the sale of the home is, under the A New Tax System (Goods and Services Tax) Act 1999 (Cth), a taxable supply as a sale of new residential premises as defined in section 40‑75(1)(b) of that Act;
the home has not, since being renovated, been occupied or sold as a place of residence; or
the Commissioner declares the home to be a new home under subsection (2).
Note for subsection (1)(b)(ii)
Section 40-75(1)(b) of the
A New Tax System (Goods and Services Tax) Act 1999 (Cth), relates to residential premises that have been created through substantial renovations of a building.
The Commissioner may declare a home that is the subject of a transaction and would not otherwise be a new home, to be a new home in relation to that transaction if satisfied that:
it would be a new home but for the fact that it has previously been sold as a place of residence; and
doing so would not have the effect of circumventing limitations on, or requirements affecting, eligibility for or entitlement to a first home owner grant imposed by or under this Act.
In this section:
place of residence includes a building occupied as residential accommodation (regardless of the duration of the occupation).
Examples for subsection (3)
A building occupied as residential accommodation might include a hotel, serviced apartments or workers accommodation.
This Act’s bill:Second reading speech
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