Wednesday, 12 September 2012

QLD new FIRST HOME LAND GRANT THE BIG QUESTIONS?



Queensland first-home buyer grants targeted at new property miss the mark  By Simon Pressley Wednesday, 12 September 2012  

First Home Owner Construction Grant will kick-in on September 12 for properties valued up to $750,000.

The Queensland government appears to have followed the lead of its NSW counterpart by scrapping the existing $7,000 first-home buyer grant and replacing it with a $15,000 grant applicable (only) to new property. 

While it’s not clear as to whether the policy is intended to stimulate first-home buyer activity or the construction industry it won’t matter either way – the policy will fail on both fronts.

SOURCE : http://www.osr.qld.gov.au QLD Can I rent out my spare room and still keep the grant and concession?  

Grant: You may rent out one or more rooms in the house during your 6 month residency period, provided that this situation does not affect your ability to make the home your principal place of residence. You may also rent out the property before moving in.  

Concession: If you rent, sell, or otherwise dispose of all or part of your property before moving in or during the 12 month occupancy period, you will lose all or part of your concession.

I am buying a property with a home on it. On settlement, I will demolish the home and build a new one. Once the new home is built I will move into it. Am I entitled to the home concession on the home I am buying?

No. As you will not be moving into the home that you are buying, you will not be entitled to the concession.

Can I claim a concession on leasehold land?      
In general, you cannot claim a concession if you are renting a property from a person who owns the land in freehold. 

However, you may be able to claim a concession if you:
   
Acquire a 'new right' that is a leasehold interest:

—for example, you are leasing or subleasing land that is owned by the State (not an individual or company) on a long-term basis and paid a premium, fine or other consideration for the right
—this means that you pay a sum upfront, as though you were buying the property. This does not include weekly or periodic rent payments.
If the above circumstances apply, you can claim the concession on land that is: residential land on which a home or first home is constructed or vacant land on which a first home will be constructed.

A father and his son buy a large property that has two homes on it. 
The father will live in one of the homes and his son will live in the other. Are they both entitled to claim a home concession, and if so, how is the transfer duty calculated?

Yes, both the father and the son are entitled to the concession. The concession is calculated under section 93(2) and (6) of the Duties Act 2001.


My partner owns an investment property—can we still get the grant?



If your partner bought or built the property before 1 July 2000, you will not be eligible for the grant.
If your partner bought or built the property on or after 1 July 2000 and did not live in the property, you may be eligible to receive the grant.

A husband and wife purchase a home to live in as their principal place of residence. The property is valued at $490,000. The husband has not owned residential land previously; however, his wife has owned numerous properties. Can the husband claim the first home concession?
Yes. The husband can claim the first home concession, and will need to complete a Form D2.1.