sec.22ARepayment of grant after completion of particular transactions

sec.22A Repayment of grant after completion of particular transactions

This section applies if— a first home owner grant is paid before the completion of a relevant transaction; and on completion of the transaction— the unencumbered value of a new home or other home the subject of the transaction results in the transaction not being an eligible transaction under section 5 (7) ; or the consideration for the transaction results in the transaction not being an eligible transaction under section 5 (8) or (9) . The applicant for the grant must within 28 days after completion of the transaction— give written notice to the commissioner that the transaction is not an eligible transaction; and repay the amount of the grant. Maximum penalty—40 penalty units. For a joint application, each applicant is individually liable to comply with the requirements under subsection (2) (a) and (b) , but compliance by any one or more of them must be regarded as compliance by both or all. In this section— relevant transaction means— a contract mentioned in section 5 (1) (b) or (2) (b) to have a new home or other home built on land; or a transaction mentioned in section 5 (1) (c) or (2) (c) ; or a contract mentioned in section 5 (3) (b) . s 22A ins 2008 No. 75 s 48 amd 2012 No. 25 s 17 (sec.22A-ssec.1) This section applies if— a first home owner grant is paid before the completion of a relevant transaction; and on completion of the transaction— the unencumbered value of a new home or other home the subject of the transaction results in the transaction not being an eligible transaction under section 5 (7) ; or the consideration for the transaction results in the transaction not being an eligible transaction under section 5 (8) or (9) . (sec.22A-ssec.2) The applicant for the grant must within 28 days after completion of the transaction— give written notice to the commissioner that the transaction is not an eligible transaction; and repay the amount of the grant. Maximum penalty—40 penalty units. (sec.22A-ssec.3) For a joint application, each applicant is individually liable to comply with the requirements under subsection (2) (a) and (b) , but compliance by any one or more of them must be regarded as compliance by both or all. (sec.22A-ssec.4) In this section— relevant transaction means— a contract mentioned in section 5 (1) (b) or (2) (b) to have a new home or other home built on land; or a transaction mentioned in section 5 (1) (c) or (2) (c) ; or a contract mentioned in section 5 (3) (b) .

• (a) a first home owner grant is paid before the completion of a relevant transaction; and
• (b) on completion of the transaction— (i) the unencumbered value of a new home or other home the subject of the transaction results in the transaction not being an eligible transaction under section 5 (7) ; or (ii) the consideration for the transaction results in the transaction not being an eligible transaction under section 5 (8) or (9) .