Amount of grant
19 Amount of grant
In this section —
amendment day means the day on which the Revenue Laws Amendment Act 2013 section 43 comes into operation;
second amendment day means the day on which the Revenue Laws Amendment Act 2015 Part 2 Division 1 comes into operation.
If the commencement date of an eligible transaction is before amendment day, the amount of a first home owner grant is the lesser of the following —
$7 000;
the consideration for the transaction.
If the commencement date of an eligible transaction is on or after amendment day but before second amendment day, the amount of a first home owner grant is —
in relation to a transaction that is a contract for the purchase of an established home, the lesser of the following —
$3 000;
the consideration for the transaction;
or
in relation to any other transaction, the lesser of the following —
$10 000;
the consideration for the transaction.
If the commencement date of an eligible transaction is on or after second amendment day, the amount of a first home owner grant is the lesser of the following —
$10 000;
the consideration for the transaction.
Despite subsections (2B) and (2CA), subsection (2A) applies to an eligible transaction with a commencement date on or after amendment day if the Commissioner is satisfied that the transaction has replaced —
a contract made before amendment day to purchase the same home; or
a comprehensive home building contract made before amendment day to build the same or a substantially similar home.
Despite anything else in this section, the amount of a first home owner grant for an eligible transaction that is a special eligible transaction within the meaning of section 14A is the lesser of the following —
the consideration for the special eligible transaction;
the relevant amount.
In subsection (2) —
relevant amount means —
in the case of a class 1 or class 2 eligible transaction within the meaning of section 14B — $14 000; or
in the case of a class 3 eligible transaction within the meaning of section 14B — $10 000; or
in the case of a class 4 eligible transaction within the meaning of section 14B — $14 000; or
in the case of a class 5 eligible transaction within the meaning of section 14B — $21 000; or
in the case of a class 6 eligible transaction within the meaning of section 14B — $10 500; or
in the case of a class 7 eligible transaction within the meaning of section 14B — $14 000; or
in the case of a class 8 eligible transaction within the meaning of section 14B — $15 000.
[Section 19 amended: No. 14 of 2001 s. 6; No. 13 of 2003 s. 6; No. 27 of 2009 s. 6 and 15; No. 10 of 2013 s. 43; No. 27 of 2015 s. 7; No. 16 of 2017 s. 10.]
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