sec.32Amount of grant

sec.32 Amount of grant

The amount of a building boost grant for a home is the lesser of the following— the consideration for the transaction; $10,000. For working out the amount of the consideration under subsection (1) (a) , the amount must be reduced by the amount for any of the following that the applicant for the grant has received or is entitled to receive— a Commonwealth First Home Saver Account contribution used, or to be used, for the transaction; a National Rental Affordability Scheme incentive relating to the home for the financial year starting on 1 July 2011; any of the following paid or payable for the transaction— the first home owner grant; an amount relating to the consideration for the transaction, including, for example, an insurance payment to build the home; an amount paid or payable under another financial assistance scheme prescribed under a regulation. However, the amount of the consideration under subsection (1) (a) must not be reduced by the amount of any assistance that the Commonwealth or State has given the applicant to mitigate the effects of a natural disaster. (sec.32-ssec.1) The amount of a building boost grant for a home is the lesser of the following— the consideration for the transaction; $10,000. (sec.32-ssec.2) For working out the amount of the consideration under subsection (1) (a) , the amount must be reduced by the amount for any of the following that the applicant for the grant has received or is entitled to receive— a Commonwealth First Home Saver Account contribution used, or to be used, for the transaction; a National Rental Affordability Scheme incentive relating to the home for the financial year starting on 1 July 2011; any of the following paid or payable for the transaction— the first home owner grant; an amount relating to the consideration for the transaction, including, for example, an insurance payment to build the home; an amount paid or payable under another financial assistance scheme prescribed under a regulation. (sec.32-ssec.3) However, the amount of the consideration under subsection (1) (a) must not be reduced by the amount of any assistance that the Commonwealth or State has given the applicant to mitigate the effects of a natural disaster.

• (a) the consideration for the transaction;
• (b) $10,000.
• (a) a Commonwealth First Home Saver Account contribution used, or to be used, for the transaction;
• (b) a National Rental Affordability Scheme incentive relating to the home for the financial year starting on 1 July 2011;
• (c) any of the following paid or payable for the transaction— (i) the first home owner grant; (ii) an amount relating to the consideration for the transaction, including, for example, an insurance payment to build the home; (iii) an amount paid or payable under another financial assistance scheme prescribed under a regulation.