Works great for me as I am planning to get 2 townhouses built on land I have already purchased in QLD.
Dixon homes sent me this information
15-Jun-2011
2011-12 BUDGET GIVES NEW BUILDING BOOST!
The 2011-12 QLD State Budget includes major revenue reforms and assistance packages, including a $10,000 Building Boost Grant for people who have signed a contract to build or buy a new home before the 31st of August 2012.
$10,000 Queensland Building Boost Grant
Available for a limited time only – 1 August 2011 to 31 January 2012
The $10,000 Queensland Building Boost Grant is available to any person or corporation buying or building a new home to live in, or to rent out for investment purposes, for homes less than $600,000.
The Building Boost Grant is designed to re-ignite Queensland’s housing construction sector following a combination of falling property transfers and the economic impact of a summer of natural disasters.
$10,000 Queensland Building Boost Grant – frequently asked questions
What is the Queensland Building Boost Grant?
The Queensland Building Boost Grant is a grant of $10,000 for a person or corporation buying or building a new home in Queensland for a value less than $600,000. The grant is to assist recovery in the housing construction sector, Queensland’s third-largest job generating industry.
When can I apply for the Queensland Building Boost Grant?
The Building Boost Grant runs from 1 August 2011 to 31 January 2012.
What is a new home?
A new home is a home that:
has not been previously occupied or sold as a place of residence; or
is a substantially renovated home (see below).
A home is a substantially renovated home if:
the home is the subject of a contract for the purchase of the home; and
the sale of the home under the contract is, under the A New Tax System (Goods and Services Tax) Act 1999 (Cwlth), a taxable supply as a sale of new residential premises as defined under section 40-75(1)(b) of that Act; and
the home, as renovated, has not been previously occupied or sold as a place of residence.
Are there value limits?
Yes, the home must be less than $600,000.
Who can obtain the grant?
The grant is open to home buyers and investors (18+ years of age). Corporations and trustees may also apply.
The grant is not payable for a building contract, or to an owner builder, if the applicant carries on the business of building homes and the home was constructed for sale in the course of that business.
Can an ‘off the plan’ purchase qualify?
Yes. A contract for the purchase of a new home on a proposed lot on an unregistered plan of subdivision of land may qualify for the grant if all other conditions are met.
When do I have to buy/build to get the grant?
Each of the following transactions may attract the grant.
A contract made between 1 August 2011 and 31 January 2012 (both inclusive) for the purchase of a new home in Queensland.
A comprehensive home building contract made between 1 August 2011 and 31 January 2012 (both inclusive) by the owner of land in Queensland, or a person who will on completion of the contract, be the owner of land in Queensland, to have a new home built on the land.
The building of a home in Queensland by an owner builder if the building work starts between 1 August 2011 and 31 January 2012 (both inclusive). For owner builders, the start of building work is usually the laying of foundations for the home.
If I’m building a new home, are there construction time limits?
Yes.
For a comprehensive home building contract, building work must commence within 26 weeks of the date of the contract and be completed within 18 months of the work starting.
For an owner builder, building work must be completed within 18 months of the work starting.
For a contract to purchase a new home off the plan, the building work must be completed by 31 July 2013.
Do I have to live in the home?
No. However there are other occupancy conditions – see below.
Is there an occupancy requirement?
Yes. The home must be first occupied as a place of residence during the ownership of the home by the applicant. However, it does not matter who occupies the home. For example, the home may be occupied by a family member or rented to a tenant.
A person, such as a builder, who builds a home and sells it before it is occupied cannot claim the grant. The purchaser may be eligible however.
Where the occupancy requirement is not satisfied, the applicant must notify the Commissioner of State Revenue and repay the grant.
Can I obtain more than one grant?
Yes. The grant can be obtained for each new home purchased or built where the grant conditions are met.
Can the grant be obtained more than once for the same home?
No. The grant is only payable once for a particular new home.
Can I obtain the Building Boost Grant along with the First Home Owner Grant and the First Home concession?
Yes. If the new home being purchased is your first home and you meet all of the other eligibility criteria, you may be entitled to the $10,000 Queensland Building Boost Grant, the First Home Owner Grant of $7,000 and the first home buyer transfer duty concession.
Read more on the First Home Owner Grant and First Home Owner duty rate concessions.
Do replacement contracts and options qualify?
No. The grant applies to contracts to purchase or build a new home entered into on or after 1 August 2011. Contracts made before that date are ineligible. If a contract made before that date is cancelled and a replacement contract for the home is executed on or after 1 August 2011, the replacement contract will not be eligible for the grant.
Also, if an option to enter into a contract to purchase or build a new home is granted before 1 August 2011 and exercised on or after that date, the contract will not be eligible for the grant.
How do I apply for the grant?
The Queensland Building Boost Grant opens on 1 August 2011. The Office of State Revenue (OSR) is currently developing the application form. The application form will be published on the OSR website before 1 August 2011.
More information
OSR is presently developing the necessary systems and processes for the start of the grant on 1 August 2011. Consultation will occur with the Queensland Law Society and financial institutions (banks and lenders) about the application process and payment methods. More information will be published on the OSR website as soon as it is available.
Other changes relating to the building industry
$7,000 First Home Owner Grant
Continuing and available now
The $7,000 First Home Owner Grant was created to help you buy or build your first home. The grant applies to first home buyers purchasing a home with a value less than $750,000.
Home Concession
Closes 31 July 2011
The Home Concession for transfer duty will end on 31 July 2011. This is the transfer duty concession that people who are not first home buyers receive when buying a home to live in as their principal place of residence. If you are considering buying a home you should carefully consider the transfer duty reforms to help you make an informed decision about the timing of your purchase.
New transfer duty rates
Commence from 1 August 2011
The transfer duty rate structure will be revised to ensure transfer duty payable on a home remains lower in Queensland than under the standard rate in any other mainland state of Australia. If you are considering buying a home you should carefully consider the transfer duty reforms to help you make an informed decision about the timing of your purchase.
First Home Concession and Vacant Land Concession
Continuing but changing from 1 August 2011
First home buyers will continue to receive a First Home Concession on their transfer duty costs. This includes first home buyers purchasing blocks of residential land to build on.
The concession rates have been adjusted to take into account the removal of the Home Concession.
