Friday, 27 June 2014

QLD $15,000 grant might work for a substantially renovated home

QLD $15,000 grant might work for a substantially renovated home.

I found this link. Please check with below to see if current offer up to date.

Office of State Revenue
GPO Box 953
Brisbane Qld 4001
Client Contact Centre: 1300 300 734

 

New home

A new home is a house, apartment, unit or townhouse that:
  • has not been previously occupied as a place of residence
  • has not been previously sold as a place of residence or
  • is a substantially renovated home (completed by the vendor in limited circumstances).

Substantially renovated homes

You may be eligible for the Great Start Grant if you are buying a substantially renovated home (including the land on which it is situated) where:
  • the sale of the home is a taxable supply as a new residential premises, as defined in sections 40-75(1)(b) of the A New Tax System (Goods and Services Tax) Act 1999 (Cwlth)
  • the renovated home has not been previously occupied or sold as a place of residence.
The seller must provide evidence that each of the above requirements has been satisfied. You will also need to provide proof that a new residential premises has been created through substantial renovations before we can pay the grant.

What is a substantial renovation?

A substantial renovation is a renovation in which all, or most, of the structural and/or non-structural components of a building are removed or replaced (see table below). Most of the rooms in the previous building must have been affected, and the renovations must have affected the building as a whole for it to be considered a substantial renovation.
A home has not been substantially renovated if:
  • only cosmetic work has been done to the home
  • only 1 part of the building has been renovated (e.g. renovation of 1 bedroom in a 4-bedroom house; removal and replacement of a kitchen and bathroom with little else being done to the building, apart from minor repair work).
Substantial renovation Non-substantial renovation
Structural building work includes:
Non-structural building work includes:
Cosmetic work includes:
  • Replacing or altering foundations
  • Replacing or altering floors or supporting walls (interior and exterior)
  • Lifting or modifying roofs
  • Altering brickwork to replace existing windows and doors
  • Repairing electrical wiring
  • Replacing or altering non-supporting walls (interior and exterior)
  • Plastering or rendering an entire wall or walls
  • Plumbing (e.g. replacing pipes) 
  • Painting
  • Sanding floors
  • Replacing light fittings
  • Replacing curtains
  • Replacing carpets
See section 195.1 of the A New Tax System (Goods and Services) Act for more information.

Unencumbered value

The unencumbered value of property is the value of the property determined without regard to:
  1. any encumbrance to which the property is subject, whether contingently or otherwise

    or
  2. any arrangement
    1. the parties to which are not dealing with each other at arm's length

      and
    2. that results in the reduction of the value of the property

      or
  3. any arrangement for which a significant purpose of any party to the arrangement was, in the commissioner's opinion, the reduction of the value of the property.

Last updated 15 March 2013