COMMUNITY AMBULANCE COVER LEVY REPEAL AND REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2011 No. 20 - SECT 142 142 Replacement of s 272 (What is a home and first home for div 2)

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COMMUNITY AMBULANCE COVER LEVY REPEAL AND REVENUE AND OTHER LEGISLATION AMENDMENT ACT 2011 No. 20 - SECT 142

142 Replacement of s 272 (What is a home and first home for div 2)

Section 272—

omit, insert—

'For this division—

(a) a residence that is constructed is a person's home if the person's occupation date for the residence is within 1 year after the person's transfer date for the residential land on which the residence is constructed; and

(b) a residence that is to be constructed is a person's home if the person's occupation date for the residence is within 2 years after the date the home mortgage for the residence was first signed.

'(1) For this division—

(a) a residence that is constructed is a person's first home if it is the person's first home under section 86; and

(b) a residence that is to be constructed is a person's first home if, when constructed, it will be the person's first home under section 86.

'(2) For subsection (1), section 86(1)(b)(ii) does not apply.

'(3) For subsection (1)(b), section 86 applies as if the reference in section 86(1)(a) to a period of 1 year after the person's transfer date for the residential land were a reference to a period of 2 years after the date the home mortgage for the residence was first signed.'.

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