South Australian Numbered Acts

STATUTES AMENDMENT (BUDGET 2011) ACT 2011 (NO 31 OF 2011) - SECT 7

7—Insertion of section 18BAB

After section 18BA insert:

18BAB—Bonus grant for transactions on or after 1 July 2012 but before 1 July 2013

        (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 1 July 2012 but before 1 July 2013; and

            (b)         the eligible transaction is—

                  (i)         a contract for the purchase of a new home; or

                  (ii)         a comprehensive home building contract for a new home; or

                  (iii)         the building of a new home by an owner builder; and

            (c)         the market value of the home to which the eligible transaction relates is less than $450 000; and

            (d)         in the case of an eligible transaction that is a comprehensive home building contract for a new home—

                  (i)         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

                  (ii)         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

            (e)         in the case of an eligible transaction that is the building of a new home by an owner-builder—the transaction is completed within 18 months after its commencement date; and

            (f)         in the case of an eligible transaction that is a contract for an "off-the-plan" purchase of a new home—

                  (i)         the contract states that the eligible transaction must be completed on or before 31 December 2014; or

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

        (2)         The amount of the first home bonus 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—$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)         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.