sec.35Contravention of consideration requirement on completion

sec.35 Contravention of consideration requirement on completion

This section applies if— a building boost grant is paid for a home purchase contract (the relevant transaction ) mentioned in section 14 (c) (ii) before the transaction is completed; and on completion of the relevant transaction, the unencumbered value of the home results in it not being an eligible transaction under section 14 (e) . This section also applies if— a building boost grant is paid for a home building contract or owner-builder arrangement (each, also the relevant transaction ) before the transaction is completed; and on completion of the relevant transaction, the consideration for the transaction results in it not being an eligible transaction under section 16 (f) or 17 (d) . The applicant for the grant is required within 28 days after completion of the relevant transaction to— give the commissioner notice of the ineligibility of the transaction; and repay the amount of the grant. The applicant must not contravene the requirement under subsection (3) unless the applicant has a reasonable excuse. Maximum penalty—40 penalty units. For a joint application, each applicant is individually liable to comply with subsection (3) , but compliance by any 1 or more of them must be regarded as compliance by both or all. (sec.35-ssec.1) This section applies if— a building boost grant is paid for a home purchase contract (the relevant transaction ) mentioned in section 14 (c) (ii) before the transaction is completed; and on completion of the relevant transaction, the unencumbered value of the home results in it not being an eligible transaction under section 14 (e) . (sec.35-ssec.2) This section also applies if— a building boost grant is paid for a home building contract or owner-builder arrangement (each, also the relevant transaction ) before the transaction is completed; and on completion of the relevant transaction, the consideration for the transaction results in it not being an eligible transaction under section 16 (f) or 17 (d) . (sec.35-ssec.3) The applicant for the grant is required within 28 days after completion of the relevant transaction to— give the commissioner notice of the ineligibility of the transaction; and repay the amount of the grant. (sec.35-ssec.4) The applicant must not contravene the requirement under subsection (3) unless the applicant has a reasonable excuse. Maximum penalty—40 penalty units. (sec.35-ssec.5) For a joint application, each applicant is individually liable to comply with subsection (3) , but compliance by any 1 or more of them must be regarded as compliance by both or all.

• (a) a building boost grant is paid for a home purchase contract (the relevant transaction ) mentioned in section 14 (c) (ii) before the transaction is completed; and
• (b) on completion of the relevant transaction, the unencumbered value of the home results in it not being an eligible transaction under section 14 (e) .