First Home Owner Grant Act 2000

The unencumbered value of property is the value of the property determined without regard to —

any encumbrance to which the property is subject, whether contingently or otherwise; or

any arrangement —

the parties to which are not dealing with each other at arm’s length; and

that results in the reduction of the value of the property;

any scheme or arrangement for which a significant purpose of any party to the scheme or arrangement was, in the opinion of the Commissioner, the reduction of the value of the property; or

where the property is held by a person on trust as guardian for another person who is under a legal disability — the liabilities of the trust, including the liability to indemnify the trustee.

For the purposes of subsection (1)(c), the Commissioner may have regard to —

the duration of the scheme or arrangement before the commencement date of the transaction to which the property relates; and

whether there is any commercial efficacy to the making of the scheme or arrangement other than to reduce the value of the property; and

any other matters the Commissioner considers relevant.