Queensland Consolidated Acts

FIRST HOME OWNER GRANT ACT 2000 - SECT 25B

(1) A special eligible transaction is an eligible transaction the commencement date for which is between 14 October 2008 and 31 December 2009, both dates inclusive, that is—

(a) a contract for the purchase of a home; or

(b) a comprehensive home building contract for a new home if—

(i) the building work starts within the prescribed start period or within the longer period the commissioner allows in particular circumstances; and

(ii) the contract states the building work must be completed within the prescribed building period or, if the contract does not state a completion date for the building work, it is completed—

(A) within the prescribed building period; or

(B) within the longer period the commissioner allows in particular circumstances; or

(c) the building of a new home by an owner builder if the eligible transaction is completed within the prescribed building period or within the longer period the commissioner allows in particular circumstances.

(2) However, an eligible transaction mentioned in subsection (1)(a) that is a contract to purchase a new home on a proposed lot on an unregistered plan of subdivision of land is a special eligible transaction only if the contract states the building work must be completed before the prescribed completion date or, if the contract does not state a completion date for the building work, it is completed before the prescribed completion date.

(3) Also, an eligible transaction that is a contract is not a special 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 special eligible transaction.

(4) Unless satisfied to the contrary, the commissioner must presume the existence of a scheme mentioned in subsection (3) if the contract replaces a contract made before 14 October 2008 that is—

(a) a contract to purchase the same or substantially similar home; or

(b) a comprehensive home building contract to build the same or a substantially similar home.

(5) For this section, building work—

(a) starts when laying the foundations for the home starts; and

(b) is completed when the building is ready for occupation as a home and any completion requirements prescribed under a regulation are complied with.

(6) In this section—

prescribed building period, for building work, means the period starting on the date the work is started and ending 18 months after it is started.

prescribed completion date—

(a) for a period 1 transaction—31 December 2010; or

(b) for a period 2 transaction—31 March 2011; or

(c) for a period 3 transaction—30 June 2011.

prescribed start period, for building work, means the period starting on the commencement date and ending 26 weeks after that date.