Victorian Consolidated Legislation

First Home Owner Grant Act 2000 - SECT 18

Amount of grant

18. Amount of grant



(1) The amount of a first home owner grant is the lesser of the following-

   (a)  the consideration for the eligible transaction;

   (b)  $7000.

(2) Subject to subsections (3) and (4), if the consideration for the eligible
transaction does not exceed $500 000 an additional amount is payable as
follows-

   (a)  $5000 if the commencement date of the eligible transaction is on or
        after 1 May 2004 and before 1 January 2006; or

   (b)  $3000 if the commencement date of the eligible transaction is on or
        after 1 January 2006 and before 1 January 2007; or

   (c)  if the commencement date of the eligible transaction is on or after 1
        January 2007 and before 1 July 2009-

   (i)  $5000 if the eligible transaction is a contract for the purchase of
        new residential premises or an eligible transaction referred to in
        section 13(1)(b) or (c); or

   (ii) $3000 in any other case.

(2AA) Subject to subsections (3) and (4), if the consideration for the
eligible transaction does not exceed $600 000 an additional amount is payable
as follows-

   (a)  if the commencement date of the eligible transaction is on or after 1
        July 2009 and before 1 July 2010-

   (i)  $11 000 if the eligible transaction is a contract for the purchase of
        new residential premises or an eligible transaction referred to in
        section 13(1)(b) or 13(1)(c); or

   (ii) $2000 in any other case.

(2A) Subject to subsections (3) and (4), an additional amount of $3000 is
payable (in addition to any amount payable under subsection (1) or (2)) if-

   (a)  the consideration for the eligible transaction does not exceed $500
        000; and

   (b)  the commencement date of the eligible transaction is on or after 6 May
        2008 and before 1 July 2009; and

   (c)  the eligible transaction is a contract for the purchase of new
        residential premises or an eligible transaction referred to in section
        13(1)(b) or (c); and

   (d)  the land on which the premises or home is or will be situated is
        wholly in regional Victoria.

(2B) Subject to subsections (3) and (4), an additional amount of $4 500 is
payable (in addition to any amount payable under subsection (1) or (2AA)) if-

   (a)  the consideration for the eligible transaction does not exceed $600
        000; and

   (b)  the commencement date of the eligible transaction is on or after 1
        July 2009 and before 1 July 2010; and

   (c)  the eligible transaction is a contract for the purchase of new
        residential premises or an eligible transaction referred to in section
        13(1)(b) or 13(1)(c); and

   (d)  the land on which the premises or home is or will be situated is
        wholly in regional Victoria.

(3) Subsection (2), (2AA), (2A) or (2B) does not apply to the extent that the
amount of the first home owner grant (including the additional amount referred
to in that subsection) would exceed the consideration for the eligible
transaction.

(4) Subsection (2) or (2A) also does not apply if the Commissioner is
satisfied that the contract that formed the basis of the eligible transaction
replaces a contract made before 1 May 2004 (the earlier contract), and the
earlier contract was-

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

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

(4A) Subsection (2AA) or (2B) also does not apply if the Commissioner is
satisfied that the contract that formed the basis of the eligible transaction
replaces a contract made before 1 July 2009 (the earlier contract), and the
earlier contract was-

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

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

(5) If an eligible pensioner (within the meaning of the Duties Act 2000) to
whom section 60A(2) of that Act applies elects under that section to receive
an exemption or concession under section 59 or 60 of that Act in respect of a
transfer of land, he or she is not entitled to any amount under subsection
(2), (2AA), (2A) or (2B) of this section in respect of the eligible
transaction relating to that land.

(6) If an eligible first home owner (within the meaning of the
Duties Act 2000) to whom section 63B(2) of that Act applies elects under that
section to receive an exemption or concession under section 62 or 63 of that
Act in respect of a transfer of land, he or she is not entitled to any amount
under subsection (2), (2AA), (2A) or (2B) of this section in respect of the
eligible transaction relating to that land.

(7) Subject to subsection (7A), in relation to a special eligible transaction
an additional amount is payable as follows-

   (a)  $7000, if section 13A(1)(a)(i) applies to the transaction; or

   (b)  $3500, if section 13A(1)(a)(ii) applies to the transaction; or

   (c)  $14 000, if-

   (i)  section 13A(1)(b)(i), 13A(1)(c)(i), 13A(1)(d), 13A(1)(f) or 13A(1)(g)
        applies to the transaction; and

   (ii) the home has not been occupied as a residence since it was
        constructed, renovated or refurbished; or

   (d)  $7000, if-

   (i)  section 13A(1)(b)(ii), 13A(1)(c)(ii), 13A(1)(e) or 13A(1)(h) applies
        to the transaction; and

   (ii) the home has not been occupied as a residence since it was
        constructed, renovated or refurbished.

(7A) Subsection (7) does not apply to the extent that the total amount of the
first home owner grant (including any additional amounts referred to in
subsection (2) and subsection (7)) would exceed the consideration for the
special eligible transaction.

(8) In this section-

new residential premises has the same meaning as in section 40-75 of the
A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth;

* * * * *

regional Victoria means-

   (a)  the municipal districts of the municipal councils set out in
        Schedule 1; and

   (b)  the alpine resorts within the meaning of the Alpine Resorts Act 1983.