Northern Territory Consolidated Acts

FIRST HOME OWNER GRANT ACT - SECT 18A

    (1)     The purpose of this section is to provide for matters relevant to the extension of the first home owner grant scheme, called the First Home Owner Boost Scheme, and any change to the boost scheme, in relation to particular contracts for the purchase of a home in the Territory.

Note

Part 2, Division 3A also provides for matters relevant to the extension of the first home owner grant scheme but only in relation to transactions that are special eligible transactions as defined in section 13C. This section does not apply to special eligible transactions.

    (2)     This section applies to an eligible transaction that is a contract for the purchase of a home in the Territory unless, subject to a declaration by the Commissioner under subsection (4):

        (a)     the contract replaces a contract made before 14 October 2008 to purchase the same or a substantially similar home; or

        (b)     the purchaser had an option to purchase the home granted before 14 October 2008 or the vendor had an option to require the purchaser to purchase the home granted before that date.

    (3)     The amount of a first home owner grant for an eligible transaction with a commencement date during a period within the extended period is the lesser of the following:

        (a)     the amount of consideration actually paid for the transaction;

        (b)     the extended amount.

    (4)     The Commissioner may, either on application of a person or on the Commissioner's own initiative, at any time declare this section applies to an eligible transaction mentioned in subsection (2)(b) if he or she considers the contract does not have the effect of circumventing limitations on, or requirements affecting, eligibility for or entitlement to the amount mentioned in subsection (3).

    (5)     In determining the amount of the first home owner grant for the eligible transaction, subsection (3) applies instead of and not in addition to section 18.

    (6)     In this section:

"declare "means declare in writing.

"extended amount" means:

        (a)     an amount prescribed by regulation as the first home owner grant, under this section, for an eligible transaction with a commencement date during a period that is prescribed by regulation and within the extended period; or

        (b)     if no amount is prescribed as mentioned in paragraph (a) – $14 000.

"extended period" means the period:

        (a)     starting on and including 14 October 2008; and

        (b)     ending on and including:

            (i)     a date, later than 30 June 2009, prescribed by regulation for this section; or

            (ii)     if no date is prescribed as mentioned in subparagraph (i) – 30 June 2009.

"home" does not include a new home or substantially renovated home.

"new home", see section 13B.

"substantially renovated home", see section 13B.