South Australian Numbered Acts

STATUTES AMENDMENT (BUDGET 2011) ACT 2011 (NO 31 OF 2011) - SECT 6

6—Amendment of section 18BA—Bonus grant for transactions on or after 17 September 2010 but before 1 July 2012

        (1)         Section 18BA(1)—after "17 September 2010" insert:

but before 1 July 2012

        (2)         Section 18BA(1)—after paragraph (c) insert:

                and

            (d)         in the case of an eligible transaction with a commencement date that is on or after 10 June 2011—

                  (i)         if the eligible transaction is a comprehensive home building contract for a new home—

                        (A)         the laying of the foundations for the home commences within 26 weeks after the contract is made, or any longer period the Commissioner may, in particular circumstances, allow; and

                        (B)         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 2013; or

                        (B)         in any other case, the eligible transaction is completed on or before that date.

        (3)         Section 18BA—after subsection (2) insert:

        (2a)         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.