sec.80Application of s 20(1)(b) to particular contracts

sec.80 Application of s 20(1)(b) to particular contracts

This section applies to an eligible transaction mentioned in section 5(1)(a) or (b) made on or after 12 September 2012 if the commissioner is satisfied the transaction forms part of a scheme to obtain an increased amount of a first home owner grant under section 20 as amended by the Fiscal Repair Amendment Act 2012 . Unless satisfied to the contrary, the commissioner must presume the existence of a scheme mentioned in subsection (1) if the contract that is the eligible transaction replaces a contract to purchase, or a comprehensive home building contract to build, the same or substantially similar new home that was made before 12 September 2012. Despite section 20, the amount of a first home owner grant for the eligible transaction is the lesser of the following— the consideration for the transaction; $7000. s 80 ins 2012 No. 25 s 13 (retro) (sec.80-ssec.1) This section applies to an eligible transaction mentioned in section 5(1)(a) or (b) made on or after 12 September 2012 if the commissioner is satisfied the transaction forms part of a scheme to obtain an increased amount of a first home owner grant under section 20 as amended by the Fiscal Repair Amendment Act 2012 . (sec.80-ssec.2) Unless satisfied to the contrary, the commissioner must presume the existence of a scheme mentioned in subsection (1) if the contract that is the eligible transaction replaces a contract to purchase, or a comprehensive home building contract to build, the same or substantially similar new home that was made before 12 September 2012. (sec.80-ssec.3) Despite section 20, the amount of a first home owner grant for the eligible transaction is the lesser of the following— the consideration for the transaction; $7000.

• (a) the consideration for the transaction;
• (b) $7000.