South Australian Numbered Acts South Australian Numbered ActsSection 13A—delete the section and substitute:
13A—Special eligible transactions
(1) Subject to
subsection (5), an eligible transaction that is a
contract for the purchase of a home (other than a contract for an
"off-the-plan"
purchase of a new home) is a "special eligible transaction" if the contract is
made between 14 October 2008 and 31 December 2009 (both
dates inclusive).
(2) Subject to
subsection (5), an eligible transaction that is a comprehensive home
building contract for a new home is a "special eligible transaction if—
(a) the
contract is made between 14 October 2008 and
31 December 2009 (both dates inclusive); and
(b) the
building work commences within 26 weeks after the contract is made, or
any longer period the Commissioner may, in particular circumstances, allow;
and
(c) the
contract states that the eligible transaction must be completed within
18 months after the building work is commenced or, in any other case, the
eligible transaction is completed within 18 months after the building
work is commenced.
(3) An eligible
transaction that is the building of a new home by an
owner-builder is a "special eligible transaction" if the commencement date of
the eligible transaction is between 14 October 2008 and
31 December 2009 (both dates inclusive) and the transaction is
completed within 18 months after the building work is commenced.
(4) Subject to
subsection (5), an eligible transaction that is a
contract for an "off-the-plan" purchase of a new home is a "special eligible
transaction if the contract is made between 14 October 2008 and
31 December 2009 (both dates inclusive) and—
(a) in
the case of a contract made between 14 October 2008 and
30 June 2009 (both dates inclusive)—
(i)
the contract states that the eligible transaction must be
completed on or before 31 December 2010; or
(ii)
in any other case, the eligible transaction is completed
on or before that date; and
(b) in
the case of a contract made between 1 July 2009 and
30 September 2009 (both dates inclusive)—
(i)
the contract states that the eligible transaction must be
completed on or before 31 March 2011; or
(ii)
in any other case, the eligible transaction is completed
on or before that date; and
(c) in
the case of a contract made between 1 October 2009 and
31 December 2009 (both dates inclusive)—
(i)
the contract states that the eligible transaction must be
completed on or before 30 June 2011; or
(ii)
in any other case, the eligible transaction is completed
on or before that date.
(5) An eligible
transaction that is a contract is not a special eligible transaction if the
Commissioner is satisfied that—
(a) the
contract replaces a contract made before 14 October 2008; and
(b) the
replaced contract was—
(i)
a contract for the purchase of the same home; or
(ii)
a comprehensive home building contract to build the same
or a substantially similar home.
(6) The Commissioner
may, in a particular case, if he or she considers there are proper reasons for
doing so, extend the time within which a special eligible transaction must be
completed under this section.
(7) For the purposes
of this section, building work—
(a)
commences—
(i)
in the case of an eligible transaction that is the
building of a home by an owner builder—on the commencement date of the
eligible transaction; and
(ii)
in any other case—when laying the foundations for
the home commences; and
(b) is
completed when the building is ready for occupation as a home.
(8) In this
section—
"contract for an "off-the-plan" purchase", of a new home, means a contract for
the purchase of the home on a proposed lot in an unregistered plan of a
subdivision of land;
"new home" means a home that has not been previously occupied or sold as a
place of residence and includes a substantially renovated home;
"substantially renovated home"—a home is a substantially renovated home
if—
(a) the
sale of the home is, under the A New Tax System (Goods and Services Tax)
Act 1999 of the Commonwealth, a taxable supply as a sale of new
residential premises within the meaning of section 40-75(1)(b) (Meaning
of new residential premises ); and
(b) the
home, as renovated, has not been previously occupied or sold as a place of
residence.
(9) The Governor may,
by regulation—
(a)
alter a date or period specified by this section in order to extend an
entitlement under this Act; or
(b)
determine any other transaction to be a "special eligible transaction under
this section,
if to do so is consistent with the extension of the Commonwealth/State scheme
for the payment of grants under this Act (and any such regulation may have
effect in accordance with its terms and without the need for any other
authorisation or appropriation).