A is the amount of the first home bonus grant
B is $4 000
C is 8
(10) This section does not give rise to an entitlement to a first home bonus grant if the Commissioner is satisfied that the contract that formed the basis of the eligible transaction replaces a contract made before 5 June 2008 (the earlier contract), and that the earlier contract was—
18BA—Bonus grant for transactions on or after 17 September 2010 but before 15 October 2012
(1) Subject to this section, the amount of a first home owner grant under section 18 will be increased by an amount under this section (the first home bonus grant) if—
(a) the commencement date of the eligible transaction is on or after 17 September 2010 but before 15 October 2012; and
(b) the eligible transaction is a new home transaction; and
(c) the market value of the home to which the eligible transaction relates is less than $450 000; and
(d) in the case of an eligible transaction with a commencement date that is on or after 10 June 2011—
(i) if the eligible transaction is a comprehensive home building contract for a new home—
(A) the laying of the foundations for the home commences within 26 weeks after the contract is made, or any longer period the Commissioner may, in particular circumstances, allow; and
(B) the contract states that the eligible transaction must be completed within 18 months after the laying of the foundations for the home is commenced or, in any other case, the eligible transaction is completed within 18 months after the laying of the foundations for the home is commenced; and
(ii) if the eligible transaction is the building of a new home by an owner builder—the transaction is completed within 18 months after its commencement date; and
(iii) if the eligible transaction is a contract for an "off‑the‑plan" purchase of a new home entered into before 1 July 2012—
(A) the contract states that the eligible transaction must be completed on or before 31 December 2013; or
(iv) if the eligible transaction is a contract for an "off‑the‑plan" purchase of a new home entered into on or after 1 July 2012 and before 15 October 2012—
(A) the contract states that the eligible transaction must be completed on or before 14 April 2014; or
(B) in any other case, the eligible transaction is completed on or before that date.
(2) The amount of the first home bonus grant under this section is as follows:
(a) if the market value of the home to which the eligible transaction relates does not exceed $400 000—$8 000;
(b) if the market value of the home to which the eligible transaction relates exceeds $400 000 (but is less than $450 000)—an amount calculated in accordance with the following formula:
A is the amount of the first home bonus grant
B is $8 000
C is 16
(2a) The Commissioner may, in a particular case, if he or she considers there are proper reasons for doing so, extend the time within which an eligible transaction must be completed under this section.
(3) This section does not give rise to an entitlement to a first home bonus grant if the Commissioner is satisfied that the contract that formed the basis of the eligible transaction replaces a contract made before 17 September 2010 (the earlier contract), and that the earlier contract was—
18BAB—Housing construction grant
(1) Subject to this section, a grant (the housing construction grant) is payable on an application under this Act if—
(a) the application relates to an eligible transaction that is a new home transaction; and
(b) the commencement date of the eligible transaction is on or after 15 October 2012 but before 1 January 2014; and
(c) the market value of the home to which the eligible transaction relates is less than $450 000; and
(d) —
(i) if the eligible transaction is a comprehensive home building contract for a new home—the contract states that the eligible transaction must be completed within 18 months after the laying of the foundations for the home is commenced or, in any other case, the eligible transaction is completed within 18 months after the laying of the foundations for the home is commenced; and
(ii) if the eligible transaction is the building of a new home by an owner builder—the transaction is completed within 18 months after its commencement date; and
(iii) if the eligible transaction is a contract for an "off‑the‑plan" purchase of a new home—
(A) the contract states that the eligible transaction must be completed on or before 30 June 2015; or
(e) the transaction for which the grant is sought has been completed.
(2) The amount of the housing construction grant under this section is as follows:
(a) if the market value of the home to which the eligible transaction relates does not exceed $400 000—$8 500;
(b) if the market value of the home to which the eligible transaction relates exceeds $400 000 (but is less than $450 000)—an amount calculated in accordance with the following formula:
A is the amount of the housing construction grant
B is $8 500
C is 17
(3) The Commissioner may, in a particular case, if he or she considers there are proper reasons for doing so, extend the time within which an eligible transaction must be completed under this section.
(4) This section does not give rise to an entitlement to a housing construction grant if the Commissioner is satisfied that a contract that formed the basis of an eligible transaction for the purchase (or purported purchase) of a new home does not constitute a genuine sale of the new home.
(5) For the purposes of subsection (4), the Commissioner may take into account the following:
(a) whether the parties to the contract are close associates;
(b) whether the parties are otherwise not at arm's length;
(c) such other matters as the Commissioner considers appropriate.
(6) For the purposes of subsection (5), 2 persons are close associates if—
(a) 1 is a relative of the other; or
(b) they are related bodies corporate (within the meaning of the Corporations Act 2001 of the Commonwealth); or
(c) 1 is a body corporate and the other is a director, manager or officer of the body corporate; or
(d) 1 is a body corporate (other than a public company whose shares are quoted on a financial market) and the other is a shareholder in the body corporate; or
(e) 1 has a right to participate (other than as a shareholder in a body corporate) in income or profits derived from a business conducted by the other; or
(f) they are in partnership; or
(g) 1 is a beneficiary under a trust or an object of a discretionary trust of which the other is a trustee; or
(h) they fall within a class of persons prescribed by the regulations for the purposes of this subsection.
(7) For the purposes of subsection (6), 1 person is a relative of another if the other person is—
(a) a spouse or domestic partner; or
(b) a parent or remoter lineal ancestor; or
(c) a son, daughter or remoter lineal descendant; or
(d) a brother or sister; or
(e) related in any other way prescribed by the regulations for the purposes of this subsection.
(8) This section does not give rise to an entitlement to a housing construction grant if the Commissioner is satisfied that the contract that formed the basis of the eligible transaction replaces a contract made before 15 October 2012 (the earlier contract), and that the earlier contract was—
(9) A reference to a first home owner grant or to a first home bonus grant in a following section of this Act (other than section 20 or 22(3)) will be taken to include a reference to a housing construction grant under this section.
18BAC—Seniors housing grant
(1) Subject to this section, a grant (the seniors housing grant) is payable on an application under this Act if—
(a) the application relates to an eligible transaction that is a new home transaction; and
(b) the commencement date of the eligible transaction is on or after 1 July 2014 but before 30 June 2016; and
(c) the market value of the home to which the eligible transaction relates is less than $450 000; and
(d) —
(i) if the eligible transaction is a comprehensive home building contract for a new home—the contract states that the eligible transaction must be completed within 18 months after the laying of the foundations for the home is commenced or, in any other case, the eligible transaction is completed within 18 months after the laying of the foundations for the home is commenced; and
(ii) if the eligible transaction is the building of a new home by an owner builder—the transaction is completed within 18 months after its commencement date; and
(iii) if the eligible transaction is a contract for an "off‑the‑plan" purchase of a new home—
(A) the contract states that the eligible transaction must be completed on or before 31 December 2017; or
(e) the transaction for which the grant is sought has been completed.
(2) The amount of the seniors housing grant under this section is as follows:
(a) if the market value of the home to which the eligible transaction relates does not exceed $400 000—$8 500;
(b) if the market value of the home to which the eligible transaction relates exceeds $400 000 (but is less than $450 000)—an amount calculated in accordance with the following formula:
A is the amount of the housing construction grant
B is $8 500
C is 17
D is the market value of the home to which the eligible transaction relates, rounded down to the nearest $100
(3) The Commissioner may, in a particular case, if he or she considers there are proper reasons for doing so, extend the time within which an eligible transaction must be completed under this section.
(4) This section does not give rise to an entitlement to a seniors housing grant if the Commissioner is satisfied that a contract that formed the basis of an eligible transaction for the purchase (or purported purchase) of a new home does not constitute a genuine sale of the new home.
(5) For the purposes of subsection (4), the Commissioner may take into account the following:
(a) whether the parties to the contract are close associates;
(b) whether the parties are otherwise not at arm's length;
(c) such other matters as the Commissioner considers appropriate.
(6) For the purposes of subsection (5), 2 persons are close associates if—
(a) 1 is a relative of the other; or
(b) they are related bodies corporate (within the meaning of the Corporations Act 2001 of the Commonwealth); or
(c) 1 is a body corporate and the other is a director, manager or officer of the body corporate; or
(d) 1 is a body corporate (other than a public company whose shares are quoted on a financial market) and the other is a shareholder in the body corporate; or
(e) 1 has a right to participate (other than as a shareholder in a body corporate) in income or profits derived from a business conducted by the other; or
(f) they are in partnership; or
(g) 1 is a beneficiary under a trust or an object of a discretionary trust of which the other is a trustee; or
(h) they fall within a class of persons prescribed by the regulations for the purposes of this subsection.
(7) For the purposes of subsection (6), 1 person is a relative of another if the other person is—
(a) a spouse or domestic partner; or
(b) a parent or remoter lineal ancestor; or
(c) a son, daughter or remoter lineal descendant; or
(d) a brother or sister; or
(e) related in any other way prescribed by the regulations for the purposes of this subsection.
(8) This section does not give rise to an entitlement to a seniors housing grant if the Commissioner is satisfied that the contract that formed the basis of the eligible transaction replaces a contract made before 1 July 2014 (the earlier contract), and that the earlier contract was—
(9) A reference to a first home owner grant or to a first home bonus grant in a following section of this Act will be taken to include a reference to a seniors housing grant under this section.
18BB—Market value of homes
(1) For the purposes of sections 7, 18B, 18BA, 18BAB and 18BAC, but subject to subsections (2) and (3), the market value of the home to which an eligible transaction relates (the market value) will be determined as follows:
(a) in the case of an eligible transaction constituted by a contract under section 13(1)(a)—the market value will be taken to be—
(i) unless subparagraph (ii) applies—the consideration for the eligible transaction;
(ii) if the Commissioner considers that the consideration for the eligible transaction may be less than the market value—the market value of the property on which the home is situated, as at the time when the contract is made, as determined by the Commissioner for the purposes of this provision;
(b) in the case of an eligible transaction constituted by a comprehensive home building contract under section 13(1)(b)—the market value will be taken to be the sum of the following:
(i) —
(A) unless subsubparagraph (B) applies—the consideration for the comprehensive home building contract under section 13(7);
(B) if the Commissioner considers that the total consideration payable for the relevant building work may be less than the actual costs to build the home—the actual costs to build the home, as determined by the Commissioner for the purposes of this provision; and
(ii) the market value of the property on which the home is to be built, as at the time when the building contract is made, as determined by the Commissioner for the purposes of this provision;
(c) in the case of an eligible transaction constituted by the building of a home by an owner builder under section 13(1)(c)—the market value will be taken to be the market value of the property on which the home is situated, as at the time when the eligible transaction is completed, as determined by the Commissioner for the purposes of this provision.
(2) For the purposes of subsection (1), if an eligible transaction relates to a home on a genuine farm, the relevant component of the farm will be taken to constitute the property on which the home is situated, or is to be built.
(3) If a person is entitled to a first home owner grant by virtue of the operation of section 5(4)—
(a) if the relevant interest relates to a comprehensive home building contract for the construction of a home—the market value of the home to which the eligible transaction relates will be taken to be the consideration for the comprehensive home building contract;
(b) in any other case—the market value of the home to which the eligible transaction relates will be determined in accordance with—
(i) the method prescribed by regulation for the purposes of subsection (6)(b) of section 18B immediately before the repeal of that subsection by the Statutes Amendment (Budget 2010) Act 2010; or
(ii) if another method is prescribed by regulation for the purposes of this subsection—that method.
(4) The Commissioner may adopt or approve any method the Commissioner considers reasonable for the purposes of determining any value or costs under a preceding subsection, including by requiring that a valuation of property be made by a person appointed or approved by the Commissioner.
(5) If the Commissioner requires a valuation of property to be made for the purposes of determining the value of any property under this section, the Commissioner may, having regard to the merits of the case, charge the whole or any part of the expenses of, or incidental to, the making of the valuation to the applicant or applicants and may recover the amount so charged from the applicant or applicants as a debt due to the Crown.
(6) To avoid doubt, the market value of any property on which a home is situated will, for the purposes of this section, be the market value of the land, the home and any other improvements.
(7) In this section—
genuine farm means land as to which the Commissioner is satisfied—
(a) the land is to be used for primary production by the person seeking the benefit of this section; and
(b) the land is, by itself, or in conjunction with other land owned by that person, capable of supporting economically viable primary production operations;
relevant component of a genuine farm means the part of the farm constituted by the home and its curtilage, or the part of the land that is to constitute the site and curtilage of a home that is to be built.
18C—Amount of grants must not exceed consideration
If, by virtue of an additional payment under section 18(2), a first home bonus grant, a housing construction grant or a seniors housing grant, the total amount payable in relation to a home would (but for this section) exceed the consideration for the eligible transaction, the additional payment, first home bonus grant, housing construction grant or seniors housing grant will, as determined by the Commissioner, be adjusted so that the total amount payable under this Act is equal to the amount of the consideration.
19—Payment of grant
(1) A first home owner grant is to be paid by electronic funds transfer, by cheque or in any other way the Commissioner thinks appropriate.
(2) A first home owner grant is to be paid—
(a) to the applicant; or
(b) to some other person to whom the applicant directs in writing that the grant be paid.
(3) If the applicant requests, the Commissioner may apply the amount of a first home owner grant, or part of the amount, towards a liability for State taxes, fees or charges.
20—Payment in anticipation of compliance with residence requirement
(1) The Commissioner may authorise payment of a first home owner grant in anticipation of compliance with the residence requirement if the Commissioner is satisfied that each applicant who is required to comply with the residence requirement, intends to so comply.
(2) If a first home owner grant is paid in anticipation of compliance with the residence requirement, the payment is made on condition that, if the residence requirement is not complied with, the applicant must within 14 days after the relevant date—
(a) give written notice of that fact to the Commissioner; and
(b) repay the amount of the grant.
(3) The relevant date is the earlier of the following:
(a) the end of the period allowed for compliance with the residence requirement;
(b) the date on which it first becomes apparent that the residence requirement will not be complied with during the period allowed for compliance.
(3a) However, if the Commissioner has varied the applicant's residence requirement under this Act, the following provisions apply:
(a) a reference in subsection (2) or (3) to the residence requirement is a reference to the residence requirement as varied;
(b) the applicant is exempt from the requirement to comply with the condition prescribed by subsection (2) insofar as the condition relates to the original residence requirement;
(c) the exemption will be taken to have come into force when the application was first determined.
(4) A person who fails to comply with the condition prescribed by subsection (2) is guilty of an offence.
21—Conditions generally
(1) The Commissioner may authorise the payment of a first home owner grant on conditions the Commissioner considers appropriate.
(2) A condition imposed by the Commissioner (under this section or any other provision of this Act) may require a person on whose application the first home owner grant is paid—
(a) to give notice of non-compliance with the condition within a period stated in the condition; and
(b) to repay the grant within a period stated in the condition.
(3) In the case of a joint application, each applicant is individually liable to comply with a requirement under subsection (2) but compliance by any one or more of them is to be regarded as compliance by both or all.
(4) A person who fails to comply with a condition imposed by the Commissioner (under this section or any other provision of this Act) is guilty of an offence.
22—Death of applicant
(1) An application for a first home owner grant does not lapse because an applicant dies before the application is decided.
(2) If an applicant dies before the application is decided, the following provisions apply:
(a) if the deceased was one of 2 or more applicants and one or more applicants survive, the application is to be dealt with as if the surviving applicants were the sole applicants;
(b) in any other case, a first home owner grant, if payable on the application, is to be paid to the estate of the deceased.
(3) If a deceased applicant for a first home owner grant had not, by the date of death, complied with the residence requirement but the Commissioner is satisfied that he or she intended to do so, the residence requirement is satisfied.
23—Power to correct decision
(1) If the Commissioner decides an application, and is later satisfied (independently of an objection under this Act) that the decision is incorrect, the Commissioner may vary or reverse the decision.
(2) A decision cannot be varied or reversed under this section more than 5 years after it was made.
24—Notification of decision
(1) When the Commissioner decides an application (or decides to vary or reverse an earlier decision on an application) the Commissioner must give the applicant notice of the decision.
(2) If the decision is to authorise the payment of a first home owner grant without conditions, the payment of the grant is sufficient notice of the decision.
(3) If the decision is to refuse an application, or to vary or reverse an earlier decision on an application, the Commissioner must state in the notice the reasons for the decision.