There has been a lot of talk following the nationwide $25,000 Home Builder grant and eligible owner-occupiers (including first home buyers) are now being encouraged to apply.
Eligibility requirements
Applicants must be building a new home, substantially renovating an existing home or buying an off-the-plan home. Applicants must sign an eligible contract.
An eligible contract must be signed between 4 June 2020 and 31 December 2020 (inclusive). Construction must not commence before 4 June 2020 but construction may commence after 31 December 2020.
In all cases, while construction must not have commenced before 4 June 2020 it must be undertaken by a registered or licenced building service contractor who is named as a builder on the building licence or permit. As such, owner-builders are not eligible to receive the Home Builder grant.
Compliance checks
Revenue NSW audits all Home Builder applications for compliance with the eligibility and residency criteria.
Should Revenue NSW contact you during an audit, it is a condition of receiving the Home Builder grant that you must provide them all information requested.
Grant payment
Home Builder will be paid into your nominated account when all eligibility criteria have been met and all supporting documentation provided.
This account must be an Australian cheque or savings account.
Prepare to lodge
The Revenue NSW website offers further details including a Grant Application Form and Lodgement Guide here.
Applications must be received by no later than 31 December 2020.
Applicants can lodge their application in a multi-step process with the initial lodgement being after an eligible Home Builder contract has been entered into.
Once commencement of construction and the payment eligibility requirements milestones have been met, any additional supporting documentation should be lodged via the online portal.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.