Victorian Current Acts Victorian Current ActsS. 13(1) amended by No. 83/2009 s. 3(1).
(1) Subject to subsection (1A), an eligible transaction is—
S. 13(1)(a) amended by No. 41/2013 s. 39(1).
(a) a contract made on or after 1 July 2000 and before 1 July 2013 for the purchase of a home in the State;
S. 13(1)(ab) inserted by No. 41/2013 s. 39(2).
(ab) a contract made on or after 1 July 2013 for the purchase of a new home in the State;
(b) a comprehensive home building contract made on or after 1 July 2000 by the owner of land in the State, or a person who will on completion of the contract be the owner of land in the State, to have a home built on the land;
(c) the building of a home in the State by an owner builder if the building work commences on or after 1 July 2000.
S. 13(1A) inserted by No. 83/2009 s. 3(2).
(1A) The consideration for an eligible transaction with a commencement date that is on or after 1 January 2010 must not exceed $750 000.
(2) A contract is a contract for the purchase of a home if the contract is a contract for the acquisition of a relevant interest in land on which a home is built.
(3) However, a contract made on or after 1 July 2000 is not an eligible transaction if—
(a) in the case of a contract to purchase a home—the purchaser had an option to purchase the home granted before that date or the vendor had an option to require the purchaser to purchase the home granted before that date; or
(b) in the case of a comprehensive building contract—either party had a right or option granted before that date to require the other to enter into the contract—
unless the Commissioner is satisfied that the option or right does not form part of a scheme to circumvent limitations on, or requirements affecting, eligibility or entitlement to a first home owner grant.
(4) The commencement date of an eligible transaction is—
(a) in the case of a contract—the date on which the contract is made;
(b) in the case of the building of a home by an owner builder—
(i) the date when laying the foundations for the home commences; or
(ii) another date the Commissioner considers appropriate in the circumstances of the case.
(5) An eligible transaction is completed when—
(a) in the case of a contract for the purchase of a home—
S. 13(5)(a)(i) substituted by No. 113/2003 s. 19(1).
(i) the purchaser (or a nominee of the purchaser) becomes entitled to possession of the home under the contract; and
(ii) if further requirements for the completion of the transaction are laid down in the regulations—the further requirements are complied with;
(b) in the case of a contract to have a home built—
(i) the building is ready for occupation as a place of residence; and
(ii) if further requirements for the completion of the transaction are laid down in the regulations—the further requirements are complied with;
(c) in the case of the building of a home by an owner builder—
(i) the building is ready for occupation as a place of residence; and
(ii) if further requirements for the completion of the transaction are laid down in the regulations—the further requirements are complied with.
(6) If a person purchases a moveable building and intends to use it as a place of residence on land in which the person has a relevant interest but on which it is not situated at the time of purchase—
(a) this Act applies as if the person were an owner builder building a home on the land; and
(b) the commencement date of the transaction is taken to be the date of the contract to purchase the moveable building; and
(c) the transaction is taken to be completed when the moveable building is ready for occupation as a place of residence on land in which the purchaser has a relevant interest.
(7) The consideration for an eligible transaction is—
(a) in the case of a contract for the purchase of a home—the consideration for that purchase;
(b) in the case of a comprehensive home building contract—the total consideration payable for the building work;
(c) in the case of the building of a home by an owner builder—the actual costs to the owner of carrying out the work (excluding any allowance for the owner builder's own labour).
S. 13(8) inserted by No. 113/2003 s. 19(2).
(8) For the purposes of this Part, if—
(a) a purchaser under a contract for the purchase of a home nominates another person (the nominee ) as purchaser; and
(b) the nominee provides valuable consideration for the purchase to the vendor—
the contract for the purchase of the home is taken to be an eligible transaction in relation to the nominee, whether or not the nominee is a party to that contract.
S. 13(9) inserted by No. 83/2009 s. 3(3).
(9) Subsection (1A) does not apply in relation to an eligible transaction relating to a home that is on, or to be built on, land referred to in section 65 or 66 of the Land Tax Act 2005 .
S. 13(10) inserted by No. 83/2009 s. 3(3).
(10) Subsection (1A) does not apply in relation to an eligible transaction relating to a home that is on, or to be built on, land referred to in section 67(1)(a) of the Land Tax Act 2005 if—
(a) the applicant—
S. 13(10)(a)(i) amended by No. 46/2019 s. 28(a).
(i) is, or, when the contract for the purchase of the home or the comprehensive building contract is completed, will be, an owner of the land (not acting in the capacity as trustee of a trust to which the land is subject) who meets the requirements in section 67A of the Land Tax Act 2005 ; or
S. 13(10)(a)(ii) amended by No. 46/2019 s. 28(b).
(ii) holds an interest in the shares of a proprietary company (not acting in the capacity as trustee of a trust to which the land is subject) that meets the requirements in section 67B of the Land Tax Act 2005 and—
(A) the interest entitles the applicant to exclusive occupation of a specified home owned by the company or which will be owned by the company, when a contract for the purchase of the specified home or a comprehensive building contract for the building of the specified home is completed; and
(B) the value of the shares is not less than the value of the company's interest in the home; and
(b) the applicant continues to comply with subparagraph (i) or (ii) (as the case requires) until the end of the period that the applicant is required under section 12 to occupy the home.
S. 13A inserted by No. 84/2008 s. 15.