Div 3Eligible transactions

Division 3—Eligible transactions 13—Eligible transaction (1) An eligible transaction is— (a) a contract made on or after 1 July 2000 for the purchase of a home in the State; (b) a comprehensive home building contract made on or after 1 July 2000 by the owner of land in the State, or a person who will on completion of the contract, be the owner of land in the State, to have a home built on the land; (c) the building of a home in the State by an owner builder if the building work commences on or after 1 July 2000. (2) A contract is a contract for the purchase of a home if the contract is a contract for the acquisition of a relevant interest in land on which a home is built. (3) A contract is not an eligible transaction if the Commissioner is of the opinion that it forms part of a scheme to circumvent limitations on, or requirements affecting, eligibility or entitlement to a first home owner grant and the Commissioner will, unless satisfied to the contrary, presume the existence of such a scheme, if— (a) in the case of a contract to purchase a home—the purchaser had an option to purchase the home granted before 1 July 2000 or the vendor had an option to require the purchaser to purchase the home granted before that date; or (b) in the case of a comprehensive home building contract—either party had a right or option granted before 1 July 2000 to require the other to enter into the contract. (4) The commencement date of an eligible transaction is— (a) in the case of a contract—the date when the contract is made; (b) in the case of the building of a home by an owner builder— (i) the date when laying the foundations for the home commences; or (ii) another date the Commissioner considers appropriate in the circumstances of the case. (5) Subject to any qualifications prescribed by regulation, an eligible transaction is completed when— (a) in the case of a contract for the purchase of a home— (i) the purchaser becomes entitled to possession of the home under the contract; and (ii) if the purchaser is to obtain a registered title to the land on which the home is situated—the necessary steps to obtain registration of the purchaser's title have been taken; (b) in the case of a contract to have a home built—the building is ready for occupation as a place of residence; (c) in the case of the building of a home by an owner builder—the building is ready for occupation as a place of residence. (6) If a person purchases a moveable building and intends to use it as a place of residence on land in which the person has a relevant interest but on which it is not situated at the time of purchase— (a) this Act applies as if the person were an owner builder building a home on the land; and (b) the commencement date of the transaction is taken to be the date of the contract to purchase the moveable building; and (c) the transaction is taken to be completed when the moveable building is ready for occupation as a place of residence on land in which the purchaser has a relevant interest. (7) The consideration for an eligible transaction is— (a) in the case of a contract for the purchase of a home—the consideration for the purchase; (b) in the case of a comprehensive home building contract—the total consideration payable for the building work; (c) in the case of the building of a home by an owner builder—the actual costs to the owner of carrying out the work (excluding any allowance for the owner builder's own labour). 13A—Special eligible transactions (1) Subject to subsection (5), an eligible transaction that is a contract for the purchase of a home (other than a contract for an "off‑the‑plan" purchase of a new home) is a special eligible transaction if the contract is made between 14 October 2008 and 31 December 2009 (both dates inclusive). (2) Subject to subsection (5), an eligible transaction that is a comprehensive home building contract for a new home is a special eligible transaction if— (a) the contract is made between 14 October 2008 and 31 December 2009 (both dates inclusive); and (b) the building work commences within 26 weeks after the contract is made, or any longer period the Commissioner may, in particular circumstances, allow; and (c) the contract states that the eligible transaction must be completed within 18 months after the building work is commenced or, in any other case, the eligible transaction is completed within 18 months after the building work is commenced. (3) An eligible transaction that is the building of a new home by an owner builder is a special eligible transaction if the commencement date of the eligible transaction is between 14 October 2008 and 31 December 2009 (both dates inclusive) and the transaction is completed within 18 months after the building work is commenced. (4) Subject to subsection (5), an eligible transaction that is a contract for an "off‑the‑plan" purchase of a new home is a special eligible transaction if the contract is made between 14 October 2008 and 31 December 2009 (both dates inclusive) and— (a) in the case of a contract made between 14 October 2008 and 30 June 2009 (both dates inclusive)— (i) the contract states that the eligible transaction must be completed on or before 31 December 2010; or (ii) in any other case, the eligible transaction is completed on or before that date; and (b) in the case of a contract made between 1 July 2009 and 30 September 2009 (both dates inclusive)— (i) the contract states that the eligible transaction must be completed on or before 31 March 2011; or (ii) in any other case, the eligible transaction is completed on or before that date; and (c) in the case of a contract made between 1 October 2009 and 31 December 2009 (both dates inclusive)— (i) the contract states that the eligible transaction must be completed on or before 30 June 2011; or (ii) in any other case, the eligible transaction is completed on or before that date. (5) An eligible transaction that is a contract is not a special eligible transaction if the Commissioner is satisfied that— (a) the contract replaces a contract made before 14 October 2008; and (b) the replaced contract was— (i) a contract for the purchase of the same home; or (ii) a comprehensive home building contract to build the same or a substantially similar home. (6) The Commissioner may, in a particular case, if he or she considers there are proper reasons for doing so, extend the time within which a special eligible transaction must be completed under this section. (7) For the purposes of this section, building work— (a) commences— (i) in the case of an eligible transaction that is the building of a home by an owner builder—on the commencement date of the eligible transaction; and (ii) in any other case—when laying the foundations for the home commences; and (b) is completed when the building is ready for occupation as a home. (9) The Governor may, by regulation— (a) alter a date or period specified by this section in order to extend an entitlement under this Act; or (b) determine any other transaction to be a special eligible transaction under this section, if to do so is consistent with the extension of the Commonwealth/State scheme for the payment of grants under this Act (and any such regulation may have effect in accordance with its terms and without the need for any other authorisation or appropriation).