South Australian Numbered Acts South Australian Numbered Acts16—Substitution of section 18BAB
Section 18BAB—delete the section and substitute:
18BAB—Housing construction grant
(1) Subject to this section, a grant (the "housing construction grant ) is payable on an application under this Act if—
(a) the application relates to an eligible transaction that is a new home transaction; and
(b) the commencement date of the eligible transaction is on or after 15 October 2012 but before 1 July 2013; and
(c) the market value of the home to which the eligible transaction relates is less that $450 000; and
(d) —
(i) if the eligible transaction is a comprehensive home building contract for a new home—the contract states that the eligible transaction must be completed within 18 months after the laying of the foundations for the home is commenced or, in any other case, the eligible transaction is completed within 18 months after the laying of the foundations for the home is commenced; and
(ii) if the eligible transaction is the building of a new home by an owner-builder—the transaction is completed within 18 months after its commencement date; and
(iii) if the eligible transaction is a contract for an "off-the-plan" purchase of a new home—
(A) the contract states that the eligible transaction must be completed on or before 31 December 2014; or
(B) in any other case, the eligible transaction is completed on or before that date; and
(e) the transaction for which the grant is sought has been completed.
(2) The amount of the housing construction grant under this section is as follows:
(a) if the market value of the home to which the eligible transaction relates does not exceed $400 000—$8 500;
(b) if the market value of the home to which the eligible transaction relates exceeds $400 000 (but is less than $450 000)—an amount calculated in accordance with the following formula:
where—
"A" is the amount of the housing construction grant
"B" is $8 500
"C" is 17
"D" is the market value of the home to which the eligible transaction relates, rounded down to the nearest $100
"E" is $400 000.
(3) The Commissioner may, in a particular case, if he or she considers there are proper reasons for doing so, extend the time within which an eligible transaction must be completed under this section.
(4) This section does not give rise to an entitlement to a housing construction grant if the Commissioner is satisfied that a contract that formed the basis of an eligible transaction for the purchase (or purported purchase) of a new home does not constitute a genuine sale of the new home.
(5) For the purposes of subsection (4), the Commissioner may take into account the following:
(a) whether the parties to the contract are close associates;
(b) whether the parties are otherwise not at arm's length;
(c) such other matters as the Commissioner considers appropriate.
(6) For the purposes of subsection (5), 2 persons are close associates if—
(a) 1 is a relative of the other; or
(b) they are related bodies corporate (within the meaning of the Corporations Act 2001 of the Commonwealth); or
(c) 1 is a body corporate and the other is a director, manager or officer of the body corporate; or
(d) 1 is a body corporate (other than a public company whose shares are quoted on a financial market) and the other is a shareholder in the body corporate; or
(e) 1 has a right to participate (other than as a shareholder in a body corporate) in income or profits derived from a business conducted by the other; or
(f) they are in partnership; or
(g) 1 is a beneficiary under a trust or an object of a discretionary trust of which the other is a trustee; or
(h) they fall within a class of persons prescribed by the regulations for the purposes of this subsection.
(7) For the purposes of subsection (6), 1 person is a relative of another if the other person is—
(a) a spouse or domestic partner; or
(b) a parent or remoter lineal ancestor; or
(c) a son, daughter or remoter lineal descendant; or
(d) a brother or sister; or
(e) related in any other way prescribed by the regulations for the purposes of this subsection.
(8) This section does not give rise to an entitlement to a housing construction grant if the Commissioner is satisfied that the contract that formed the basis of the eligible transaction replaces a contract made before 15 October 2012 (the "earlier contract ), and that the earlier contract was—
(a) a contract for the purchase of the same home; or
(b) a comprehensive home building contract to build the same or a substantially similar home.
(9) A reference to a first home owner grant or to a first home bonus grant in a following section of this Act (other than section 20 or 22(3)) will be taken to include a reference to a housing construction grant under this section.