HomeBuilder Grants Act 2020
9Transaction value
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9 Transaction value
(1) Subject to subsection (2) , the transaction value of a transaction is –
(a) if the transaction is a contract referred to in section 5(a) or (b) and the contract includes the purchase of land, the sum of the following:
(i) the total consideration payable under the contract, including any consideration payable under secondary contracts specified in the contract, if any;
(ii) the total cost of materials to be used in work performed under the contract, or a secondary contract, where consideration payable under the contract does not include the cost of the materials; or
(b) if the transaction is a contract referred to in section 5(a) or (b) and the contract does not include the purchase of land, the sum of the following:
(i) the total consideration payable under the contract, including any consideration payable under secondary contracts specified in the contract, if any;
(ii) the total cost of materials to be used in work performed under the contract, or a secondary contract, where consideration payable under the contract does not include the cost of the materials;
(iii) the market value of the land on the day on which the contract is made; or
(c) if the transaction is a contract referred to in section 5(c) , the total consideration payable under the contract; or
(d) if the transaction is a contract referred to in section 18(2)(b) , the sum of the following:
(i) the total consideration payable under the contract, including any consideration payable under secondary contracts specified in the contract, if any;
(ii) the total cost of materials to be used in work performed under the contract, or a secondary contract, where consideration payable under the contract does not include the cost of the materials.
(2) Despite subsection (1) , if the Commissioner is satisfied that the transaction value of a transaction calculated under that subsection does not reflect the market value of the transaction, the Commissioner may determine the transaction value of the transaction by such other means that the Commissioner considers appropriate.