sec.5Meaning of eligible transaction

sec.5 Meaning of eligible transaction

An eligible transaction is— a contract made on or after 1 July 2000 for the purchase of a new home in the State; or a comprehensive home building contract made 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 new home built on the land, if the contract is made on or after 1 July 2000; or the building of a new home in the State by an owner builder if the building work starts on or after 1 July 2000. Also, each of the following is an eligible transaction — a contract made on or after 1 July 2000 but before 11 October 2012 for the purchase of a home, other than a new home, in the State; a comprehensive home building contract made 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, other than a new home, built on the land, if the contract is made on or after 1 July 2000 but before 11 October 2012; the building of a home, other than a new home, in the State by an owner builder if the building work starts on or after 1 July 2000 but before 11 October 2012. For subsections (1) (a) and (2) (a) , a contract is a contract for the purchase of a new home or other home if the contract is a contract for the acquisition of a relevant interest in land— on which a new home or other home is built; or on which a new home or other home is to be built, before completion of the contract, by or for the vendor and at the expense of the vendor. However, a contract is not an eligible transaction if the commissioner is satisfied it forms part of a scheme to circumvent limitations on, or requirements affecting, eligibility or entitlement to a first home owner grant. Unless satisfied to the contrary, the commissioner must presume the existence of a scheme mentioned in subsection (4) if— for a contract to purchase a new home or other 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 for 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. Also, a transaction is not an eligible transaction if the consideration for the transaction is $750,000 or more. Also, a contract mentioned in subsection (1) (a) or (2) (a) is not an eligible transaction if the total of the following— the unencumbered value of the new home or other home; the unencumbered value of the relevant interest in the land, on which the new home or other home is built or to be built, at the commencement date for the contract; is $750,000 or more. Also, a contract mentioned in subsection (1) (b) or (2) (b) to have a new home or other home built on land is not an eligible transaction if the total of the following— the consideration for the transaction; the unencumbered value of the land at the commencement date for the contract; is $750,000 or more. Also, a transaction mentioned in subsection (1) (c) or (2) (c) is not an eligible transaction if the total of the following— the consideration for the transaction; the unencumbered value of the land, on which the new home or other home is to be built, at the commencement date for the transaction; is $750,000 or more. s 5 amd 2008 No. 75 s 46 ; 2010 No. 11 s 69 ; 2012 No. 25 s 15 (sec.5-ssec.1) An eligible transaction is— a contract made on or after 1 July 2000 for the purchase of a new home in the State; or a comprehensive home building contract made 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 new home built on the land, if the contract is made on or after 1 July 2000; or the building of a new home in the State by an owner builder if the building work starts on or after 1 July 2000. (sec.5-ssec.2) Also, each of the following is an eligible transaction — a contract made on or after 1 July 2000 but before 11 October 2012 for the purchase of a home, other than a new home, in the State; a comprehensive home building contract made 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, other than a new home, built on the land, if the contract is made on or after 1 July 2000 but before 11 October 2012; the building of a home, other than a new home, in the State by an owner builder if the building work starts on or after 1 July 2000 but before 11 October 2012. (sec.5-ssec.3) For subsections (1) (a) and (2) (a) , a contract is a contract for the purchase of a new home or other home if the contract is a contract for the acquisition of a relevant interest in land— on which a new home or other home is built; or on which a new home or other home is to be built, before completion of the contract, by or for the vendor and at the expense of the vendor. (sec.5-ssec.4) However, a contract is not an eligible transaction if the commissioner is satisfied it forms part of a scheme to circumvent limitations on, or requirements affecting, eligibility or entitlement to a first home owner grant. (sec.5-ssec.5) Unless satisfied to the contrary, the commissioner must presume the existence of a scheme mentioned in subsection (4) if— for a contract to purchase a new home or other 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 for 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. (sec.5-ssec.6) Also, a transaction is not an eligible transaction if the consideration for the transaction is $750,000 or more. (sec.5-ssec.7) Also, a contract mentioned in subsection (1) (a) or (2) (a) is not an eligible transaction if the total of the following— the unencumbered value of the new home or other home; the unencumbered value of the relevant interest in the land, on which the new home or other home is built or to be built, at the commencement date for the contract; is $750,000 or more. (sec.5-ssec.8) Also, a contract mentioned in subsection (1) (b) or (2) (b) to have a new home or other home built on land is not an eligible transaction if the total of the following— the consideration for the transaction; the unencumbered value of the land at the commencement date for the contract; is $750,000 or more. (sec.5-ssec.9) Also, a transaction mentioned in subsection (1) (c) or (2) (c) is not an eligible transaction if the total of the following— the consideration for the transaction; the unencumbered value of the land, on which the new home or other home is to be built, at the commencement date for the transaction; is $750,000 or more.