Bonus grant for transactions before 17 September 2010
18B Bonus grant for transactions before 17 September 2010
Subject to this section, the amount of a first home owner grant under section 18 will be increased by an amount under this section (the
first home bonus grant) if—
the commencement date of the eligible transaction is on or after 5 June
2008 but before 17 September 2010; and
the market value of the home to which the eligible transaction relates is less than $450 000.
The amount of the first home bonus grant under this section is as follows:
if the market value of the home to which the eligible transaction relates does not exceed $400 000—$4 000;
if the market value of the home to which the eligible transaction relates exceeds $400 000 (but is less than $450 000)—an amount calculated in accordance with the following formula:
where—
A is the amount of the first home bonus grant
B is $4 000
C is 8
D is the market value of the home to which the eligible transaction relates, rounded down to the nearest $100
E is $400 000.
This section does not give rise to an entitlement to a first home bonus grant if the Commissioner is satisfied that the contract that formed the basis of the eligible transaction replaces a contract made before 5 June 2008 (the earlier contract), and that the earlier contract 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.
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