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Applicant(s)
(ii) another date the Commissioner considers appropriate in the circumstances of the case. Completed Subject to any qualifications prescribed by legislation, an eligible transaction is completed when: (a) in the case of a contract for the purchase of a home (including an off the plan purchase) -
(ii) if the purchaser is to obtain a registered title to the land on which the home is situated - the necessary steps to obtain registration of the purchaser's title have been taken; (b) in the case of a contract to have a home built - the building is ready for occupation as a place of residence; (c) in the case of the building of a home by an owner-builder - the building is ready for occupation as a place of residence. Comprehensive building contract A contract under which a builder agrees to build a home from the start of the building to when it is ready for occupancy. Consideration The total price or amount expended for the purchase or building of the home. Corresponding law Means an Act of another State, or a Territory, corresponding to the FHOG Act. Eligibility criteria For FHOG means the criteria set out in Div 2, Part 2 of the FHOG Act that determines whether an applicant for a First Home Owner Grant may be entitled to the grant. For FHOB means the existing criteria for the FHOG, and the additional criteria determined by the Federal Government. The additional criteria are detailed in the FHOB Fact Sheet, which is available on the FHOG internet site. Eligible transaction For the FHOG an eligible transaction is - (a) a contract made on or after 1 July 2000 for the purchase of a home in the State; (b) a comprehensive home building contract made on or after 1 July 2000 by the owner of land in the State, or a person who will on completion of the contract, be the owner of land in the State, to have a home built on the land; (c) the building of a home in the State by an owner-builder if the building work commences on or after 1 July 2000. For the FHOB, in relation to an established home, an eligible transaction is a contract that has been entered into on or after 14 October 2008 and on or before 30 June 2009, for the purchase of a home in the State. For the FHOB, in relation to a new home, an eligible transaction is - (a) a contract that has been entered into on or after 14 October 2008 and on or before 30 June 2009; (b) a comprehensive home building contract made on or after 14 October 2008 and on or before 30 June 2009, where building commences within 6 months of the date of the contract and is complete within 18 months of commencement; (c) a contract to purchase a home “off the plan” which is entered into on or after 14 October 2008 and on or before 30 June 2009 and where the contract specifies a completion date on or before 31 December 2010; (d) the building of a home by an owner-builder if the building work commences on or after 14 October 2008 and on or before 30 June 2009. Established Home An established home is one that has been sold more than once and has previously been occupied as a residence by either an owner, a tenant or other occupant. First Home Owner Boost Scheme The First Home Owner Boost Scheme is an Australian Government initiative to assist first home buyers purchase or build their first home. The Tasmanian Government has agreed to administer the scheme and the payment is in addition to the $7,000 First Home Owner Grant. First Home Owner Grant A scheme for the payment of grants authorised under the First Home Owner Grant Act 2000 that assists home ownership for first home buyers. Guardian Guardian of a person under a legal disability includes a trustee who holds a property on trust for the person under an instrument of trust or by order or direction of a court or tribunal. Home A building affixed to land that may lawfully be used as a place of residence and is, in the Commissioner's opinion, a suitable building for use as a place of residence. Home owner A person who holds a relevant interest in property. Natural person A person, not a company. New Home A new home is a home that is being sold for the first time and which has never previously been occupied as a place of residence by the builder, a tenant or other occupant. Notifiable event Applicants must notify the Commissioner of State Revenue, in writing, of any change in circumstances that may affect their eligibility for the grant. e.g. When the applicant fails to occupy the home for a continuous period of 6 months commencing within 12 months of purchase. Owner-builder An owner of land who builds a home, or has a home built, on the land without entering into a comprehensive building contract. Permanent resident The holder of an Australian permanent visa or a New Zealand citizen who holds a special category visa. Relevant interest A person with a 'relevant interest' can be described generally as someone who will have a legal entitlement to the home being bought or constructed. Usually this will be the person(s) listed on the Title. Each person with a 'relevant interest' must be listed as an applicant on the application form. Residence requirement Means the requirement that an applicant for a first home owner grant must occupy the home to which the application relates as the applicant's principal place of residence for a continuous period of 6 months commencing within 12 months after the completion of the eligible transaction or a longer period approved by the Commissioner. Residential property Land on which there is a building which is a lawfully occupied residence or suitable for occupation as a residence. Spouse A person is the spouse of another if they are legally married to each other, or are in a significant relationship to each other, as defined within the Relationships Act 2003. Substantially Renovated House Substantially renovated homes may be considered as a new home. Where a substantially renovated home is being purchased, it must be the first sale of the home since it was substantially renovated and the sale of the property must be treated by the vender as a taxable supply of a new residential premises as defined in A New Tax System (Goods and Services Tax) Act 1999. The home, since being substantially renovated, must also have never been previously occupied as a place of residence, including occupation by the builder, a tenant or other occupant. |
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