After section 18D of the Principal Act , the following section is inserted in Division 5:

18E.     Conditions on increase in grant

(1)  An eligible transaction satisfies this section if –

(a) the commencement date of the eligible transaction is on or after 1 July 2017 but before 1 July 2018; and

(b) the eligible transaction is completed in accordance with section 13(5) within 24 months after the commencement date of the eligible transaction.

(2)  If satisfied there are good reasons to do so and if a request by the applicant is made before a decision on the application has been varied or reversed under section 23 , the Commissioner may extend the period referred to in subsection (1) for the eligible transaction to be completed, even though the period has expired.

(3)  Despite subsection (1) , an eligible transaction does not satisfy this section if the Commissioner considers that the eligible transaction replaces a transaction, entered into before 1 July 2017, that is for the same property and that is between substantially, or that benefits substantially, the same parties.

(4)  For the avoidance of doubt, a payment of $20 000 that –

(a) was made in anticipation of the Taxation and Grants Legislation (Housing Construction Amendments) Act 2017 commencing; and

(b) was made on or after 1 July 2017 but before the Taxation and Grants Legislation (Housing Construction Amendments) Act 2017 commenced –

is taken to be a first home owner grant payment, for the purposes of this Act, made in relation to an eligible transaction to which this section, as amended by that Act, applies.