As a response to the covid-19 pandemic, the ACT Revenue Office announced the introduction of a $25,000 HomeBuilder Grant scheme on 4 June 2020 to stimulate the economy.
At the end of 2020, they announced an extension of the Grant. There is a number of criteria for both the developer and the buyer, so please carefully read the below.
Details of the current HomeBuilder Grant:
— The scheme provides eligible owner-occupiers (including first home buyers) with a grant of $15,000 to build a new home, substantially renovate an existing home or buy an off-the-plan home.
— The off-plan property price must not exceed $750,000 (inclusive of GST). Kiara has wide range of 1 and 2 bedroom apartments that sit under this price ceiling.
— The $15k Grant: The eligible contract must be signed between 1 January 2021 and 31 March 2021 (inclusive).
— All application forms must be submitted to the ACT Revenue Office by 14 April 2021 (inclusive).
— Construction need not commence prior to 31 March 2021. However, it must commence within six months of the contract date and construction cannot have commenced before 4 June 2020.
— The Date for Completion (buyer to complete Application B) has been extended until 30 April 2023.
SOME THINGS YOU MIGHT NOT HAVE REALISED:
— The $15,000 is paid to an off-the-plan purchaser after settlement, when a certificate of title has been issued.
— Eligible buyers must occupy the property for at least 6 continuous months immediately upon completion of construction or settlement.
— ‘Commence construction’ means substantial earthworks, excavations, demolition and physical building work. The ACT Revenue Office has reviewed Kiara and confirmed that it officially fulfills the ‘commence construction’ criteria.
— Approval is subject to the eligibility of the purchaser and is income-tested – an income cap of $125,000 per individual or $200,000 for a couple applies. This is applicable for the taxable income on your Notice of Assessment for the periods of 2018-19 or 2019-20
Still have questions? That’s ok! Contact our agents by visiting the display suite on the weekend, completing the Register form on this website or call Independent on 02 6209 5042 so we can help.
This information was updated in December 2020 as new guidelines were released, however we recommend you seek independent advice to confirm you meet the criteria. Visit the ACT Revenue Office website or the Treasury website for details.
Disclaimer: We have gathered information from: treasury.gov.au/sites/default/files/2020-06/Fact_sheet_HomeBuilder_0.pdf
While all due care has been taken in assembling this information, the information is subject to change. This document is for the guidance of the purchasers only. Interested parties should make their own enquiries and satisfy themselves in all respects.
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39 McIntyre St, Narrabundah
39 McIntyre St Narrabundah