Queensland Numbered Acts

FISCAL REPAIR AMENDMENT ACT 2012 No. 25 - SECT 10

(1) Section 6, heading, after 'home'—

insert—

'and new home'.

(2) Section 6—

insert—

'(2) A new home is a home that—

(a) has not been previously occupied or sold as a place of residence; or

(b) is a substantially renovated home.

'(3) For subsection (2)(b), a home is a substantially renovated home if—

(a) the home is the subject of a contract for the purchase of the home; and

(b) the sale of the home under the contract is, under the A New Tax System (Goods and Services Tax) Act 1999 (Cwlth), a taxable supply as a sale of new residential premises as defined under section 40- 75(1)(b) of that Act; and

(c) the home, as renovated, has not been previously occupied or sold as a place of residence.'.