HOMEBUILDER GRANT INFORMATION
What you need to know
Where is it at
On 17 April the Australian Government announced it would extend the construction commencement requirements from 6 months to 18 months for all submitted applications (that is, for all contracts signed 4 June 2020 – 31 March 2021 inclusive).
Applications for the HomeBuilder Grant closed at midnight, 14 April 2021. Australia Government announced the HomeBuilder Grant Scheme on 4 June 2020.
The grant is eligible to owner-occupiers (including first home buyers) who build a new home, substantially renovate an existing home, or buy an off the plan/new home, where the contract is signed between 4 June 2020 and 31 March 2021.
Background information
HomeBuilder Grants are not taxable.
$25,000 where the contract is signed between 4 June 2020 and 31 December 2020
$15,000 where the contract is singed between 1 January 2021 and 31 March 2021
Funding for the Grant is provided by the Australian Government with an arrangement for the South Australian Government to administer applications and payments for the HomeBuilder Grant.
Only one HomeBuilder Grant is payable for each property, even if the property changes ownership.
Building work must be undertaken by a person who currently holds a relevant licence as required under the Building Work Contractors Act 1995 (but not an owner builder).
Applicant must be an Australian citizen.
All applicants must meet the following income tests for the full financial year of either 2018-19 or 2019-20:
– individual applicant taxable income of less than $125,000; or
– couples combined income of less than $200,000
The transaction and market value limits are:
– contract to build (house and land package) – consideration for the full house and land contract must be $7,000 or less
– contract to build on land you already own – combined consideration for the building contract and the market value of the land must be $7,000 or less.
– substantial renovation – consideration for the contract must ben between $1,000 and $7,000 inclusive. Market value of the land (including the home) on the date the contract is signed is no more that 1,0,000.
Building must commence no later than 18 months after signing the building contract.
For more information on the grant, please visit the following website: https://www.revenuesa.sa.gov.au/homebuilder-grant.