South Australian Numbered Acts South Australian Numbered ActsAfter section 18A insert:
18B—Bonus grant
(1) Subject to this
section, the amount of a first home owner grant under section 18 will be
increased by an amount under this section (the
"first home bonus grant") if—
(a) the
commencement date of the eligible transaction is on or after 5 June 2008;
and
(b) the
market value of the home to which the eligible transaction relates is less
than $450 000.
(2) Subject to
subsection (3), the amount of the first home bonus grant is as follows:
(a) if
the market value of the home to which the eligible transaction relates does
not exceed $400 000—$4 000;
(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 first home bonus grant
"B" is $4 000
"C" is 8
"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) If, in a
particular case, the sum of the first home owner grant and the amount
determined under subsection (2) would exceed the consideration for the
eligible transaction, the amount of the first home bonus grant under this
section will be the consideration for the eligible transaction less the amount
of the first home owner grant.
(4) For the purposes
of this section, but subject to subsections (5) and (6), the market
value of the home to which an eligible transaction relates ("the market
value)" will be determined as follows:
(a) in
the case of an eligible transaction constituted by a contract under
section 13(1)(a)—the market value will be taken to be—
(i)
unless subparagraph (ii) applies—the
consideration for the eligible transaction;
(ii)
if the Commissioner considers that the consideration for
the eligible transaction may be less than the market value—the market
value of the property on which the home is situated, as determined by the
Commissioner for the purposes of this provision;
(b) in
the case of an eligible transaction constituted by a comprehensive home
building contract under section 13(1)(b)—the market value will be
taken to be the sum of the following:
(i)
—
(A) unless subsubparagraph (B)
applies—the consideration for the comprehensive home building contract
under section 13(7);
(B) if the Commissioner considers that the
total consideration payable for the relevant building work may be less than
the actual costs to build the home—the actual costs to build the home,
as determined by the Commissioner for the purposes of this provision; and
(ii)
the market value of the property on which the home is to
be built, as at the time when the building contract is made, as determined by
the Commissioner for the purposes of this provision;
(c) in
the case of an eligible transaction constituted by the building of a home by
an owner builder under section 13(1)(c)—the market value will be
taken to be the market value of the property on which the home is situated, as
at the time when the eligible transaction is completed, as determined by the
Commissioner for the purposes of this provision.
(5) For the purposes
of subsection (4), if an eligible transaction relates to a home on a
genuine farm, the relevant component of the farm will be taken to constitute
the property on which the home is situated, or is to be built.
(6) If a person is
entitled to a first home owner grant by virtue of the operation of
section 5(4)—
(a) if
the relevant interest relates to a comprehensive home building contract for
the construction of a home—the market value of the home to which the
eligible transaction relates will be taken to be the consideration for the
comprehensive home building contract;
(b) in
any other case—the market value of the home to which the eligible
transaction relates will be determined in accordance with a method prescribed
by the regulations.
(7) The Commissioner
may adopt or approve any method the Commissioner considers reasonable for the
purposes of determining any value or costs under a preceding subsection,
including by requiring that a valuation of property be made by a person
appointed or approved by the Commissioner.
(8) If the
Commissioner requires a valuation of property to be made for the purposes of
determining the value of any property under this section, the Commissioner
may, having regard to the merits of the case, charge the whole or any part of
the expenses of, or incidental to, the making of the valuation to the
applicant or applicants for the first home bonus grant and may recover the
amount so charged from the applicant or applicants as a debt due to the Crown.
(9) To avoid doubt,
the market value of any property on which a home to which a grant under this
section relates is situated will be the market value of the land, the home and
any other improvements.
(10) This section does
not give rise to an entitlement to a first home bonus grant if the
Commissioner is satisfied that the contract that formed the basis of the
eligible transaction replaces a contract made before
5 June 2008 ("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.
(11) In this
section—
"genuine farm" means land as to which the Commissioner is satisfied—
(a) the
land is to be used for primary production by the person seeking the benefit of
this section; and
(b) the
land is, by itself, or in conjunction with other land owned by that person,
capable of supporting economically viable primary production operations;
"relevant component" of a genuine farm means the part of the farm constituted
by the home and its curtilage, or the part of the land that is to constitute
the site and curtilage of a home that is to be built.