sec.25BAMeaning of regional eligible transaction for div 5

sec.25BA Meaning of regional eligible transaction for div 5

A regional eligible transaction is an eligible transaction the commencement date for which is between 1 June 2010 and 30 June 2011, both dates inclusive, if— the transaction is— a contract for the purchase of a new home; or a comprehensive home building contract for a new home; or the building of a new home by an owner builder; and on the commencement date for the transaction, the land on which the home is or will be located is wholly outside the SEQ region. However, an eligible transaction that is a contract is not a regional eligible transaction if the commissioner is satisfied the contract forms part of a scheme to circumvent limitations on, or requirements affecting, eligibility or entitlement to a first home owner grant for a regional eligible transaction. Unless satisfied to the contrary, the commissioner must presume the existence of a scheme mentioned in subsection (2) if the contract replaces a contract made before 1 June 2010, and the contract is— to purchase the same or a substantially similar home; or a comprehensive home building contract to build the same or a substantially similar home. In this section— SEQ region means the local government areas of the following local governments— Brisbane City Council Gold Coast City Council Ipswich City Council Lockyer Valley Regional Council Logan City Council Moreton Bay City Council Redland City Council Scenic Rim Regional Council Somerset Regional Council Sunshine Coast Regional Council. s 25BA ins 2010 No. 25 s 5 (retro) amd 2023 No. 30 s 119 sch 1 (sec.25BA-ssec.1) A regional eligible transaction is an eligible transaction the commencement date for which is between 1 June 2010 and 30 June 2011, both dates inclusive, if— the transaction is— a contract for the purchase of a new home; or a comprehensive home building contract for a new home; or the building of a new home by an owner builder; and on the commencement date for the transaction, the land on which the home is or will be located is wholly outside the SEQ region. (sec.25BA-ssec.2) However, an eligible transaction that is a contract is not a regional eligible transaction if the commissioner is satisfied the contract forms part of a scheme to circumvent limitations on, or requirements affecting, eligibility or entitlement to a first home owner grant for a regional eligible transaction. (sec.25BA-ssec.3) Unless satisfied to the contrary, the commissioner must presume the existence of a scheme mentioned in subsection (2) if the contract replaces a contract made before 1 June 2010, and the contract is— to purchase the same or a substantially similar home; or a comprehensive home building contract to build the same or a substantially similar home. (sec.25BA-ssec.4) In this section— SEQ region means the local government areas of the following local governments— Brisbane City Council Gold Coast City Council Ipswich City Council Lockyer Valley Regional Council Logan City Council Moreton Bay City Council Redland City Council Scenic Rim Regional Council Somerset Regional Council Sunshine Coast Regional Council.