Name of the Organization : New South Wales Office of State Revenue
Type of Facility : New Home Grant Scheme
Country : Australia
Website : http://www.osr.nsw.gov.au/grants/nhg
New Home Grant scheme:
The New South Wales New Home Grant scheme was introduced on 1 July 2012 to stimulate the construction of new homes.
Related : OSR New South Wales Office of State Revenue Land Tax Online : www.statusin.org/7014.html
The scheme provides a grant of $5,000 towards the purchase of new homes, homes off the plan and vacant land on which a new home will be built.
What are the eligibity requirements for the grant?:
The following requirements must be met to be eligible for the grant:
** An agreement or transfer for the purchase of land:
** that is the site of a new home that is complete and ready for occupation (new home purchase)
** intended to be used as the site of a new home, which is to be built before completion of the agreement (off the plan purchase)
** that is intended to be used as the site of a new home and which is not an off the plan purchase (vacant land purchase). Construction of the home, by way of laying foundations, must commence within 26 weeks (or a longer period allowed by the Chief Commissioner) of completion of the purchase. However, there is no limit on the time of construction.
Agreement or transfer of vacant land must be for the whole of the land. If the land is a parcel of land where two or more homes are to be built, the agreement or transfer must be for that part of the land which has exclusive occupancy.
The value of the new home must not exceed $650,000 and the value of vacant land must not exceed $450,000.
What transactions are not eligible for the grant?:
The following transactions are not eligible for the grant:
** A transfer made on or after 1 July 2012 that is in conformity with an agreement or transfer entered into prior to 1 July 2012.
** An agreement or transfer of a new home that replaces an agreement or transfer made before 1 July 2012 that was for substantially the same property.
** An agreement or transfer of a new home or vacant land that is intended to be used or made available for use for any purpose other than that of a residential purpose, for example a commercial, industrial or professional purpose.
** An agreement or transfer of an existing home to knock down and build a new home on the land.
** An agreement or transfer that is eligible for a duty exemption under the First Home – New Home Scheme or a grant under the First Home Owner Grant Scheme.
** Where the payment of the grant has previously been approved on the land.
Who can apply for the grant?:
You can be a natural person, a company or trustee of a trust.
The grant is available to investors as well as owner occupiers.
You must be an Australian citizen, Australian resident or an Australian-owned body.
Where a trustee is acquiring the land, at least 50% of the beneficial interest in the land must be held for the benefit of Australian citizens, Australian residents or Australian-owned bodies.
How is the grant paid?:
The grant is paid as a credit against your liability for duty on the agreement or transfer.
If the duty payable is greater than $5,000, only the difference between the duty payable and the $5,000 grant is to be paid.
If the duty payable is less than $5,000, no duty is required to be paid and a payment of the difference between the grant and the duty payable will be paid by cheque.
If the total amount of duty payable (whether greater or less than $5,000) is paid, the $5,000 grant will be paid by cheque.
How do I apply for the grant?:
To apply for the grant, submit an Application for NSW New Home Grant form (ODA 072A) (PDF). Every purchaser and transferee must complete the application.
We may require documentary evidence from you to support your claim.
A separate application is required for each eligible agreement or transfer.
Download Form : http://www.osr.nsw.gov.au/grants/nhg/about