Northern Territory Numbered Acts

REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2010 (NO 21 OF 2010) - SECT 14

(1)     Section 88(1), definitions period for occupancy and relevant time

omit

(2)     Section 88(1), definition first home owner concession , paragraph (b)

omit

$385 000

substitute

$540 000

(3)     Section 88(1), definition principal place of residence rebate , paragraph (b)

omit

$2 500

substitute

$3 500

(4)     Section 88(1)

insert (in alphabetical order)

"comprehensive home building contract", see section 3 of the First Home Owner Grant Act .

"owner builder", see section 3 of the First Home Owner Grant Act .

period for occupancy , of a home, means:

    (a)     if the home is built on the land at the relevant
time – 12 months after the date the conveyees become entitled to possession of the land under the conveyance; or

    (b)     if there is no home built on the land at the relevant time and the conveyees are owner builders of the home or have entered into a comprehensive home building contract for the home – the earlier of the following:

        (i)     5 years after the date the conveyees become entitled to possession of the land;

        (ii)     12 months after completion of the building of the home; or

    (c)     if there is no home built on the land at the relevant time and the conveyees have entered into an off-the-plan contract for the home – 12 months after the date the conveyees become entitled to possession of the land under the conveyance; or

    (d)     in any case – the longer period approved by the Commissioner under this Division.

"relevant time", in relation to a conveyance of land, means:

    (a)     if one instrument effects or evidences the conveyance – the time when the instrument is executed; or

    (b)     if more than one instrument effects or evidences the conveyance – the time when the first of the instruments is executed.

(5)     Section 88(1)

insert (in alphabetical order)

"conveyance" includes the grant or transfer of a lease or sublease mentioned in section 5(2) of the First Home Owner Grant Act .

"conveyee" includes a lessee and sublessee under a lease or sublease mentioned in section 5(2) of the First Home Owner Grant Act .

senior, pensioner and carer concession means a concession from the payment of duty on a conveyance of land equal to the lesser of the following:

    (a)     the total amount of duty assessed as payable on the conveyance;

    (b)     $8 500.