First Homeowners' Grant Changed Again
*Thanks to Queensland Law Society for this update
First home owner grant cap changes
The Revenue and Other Legislation Amendment Bill 2010 was introduced into Parliament on 9 March.
The Bill will amend the First Home Owner Grant Act 2000 (FHOG Act) to reduce the cap on the value of homes for which the grant is payable.
For transactions entered into:
- before 1 January 2010 - no cap provisions apply
- on or after 1 January 2010 to 30 March 2010 - $1M cap applies
- on or after 31 March 2010 - $750,000 cap applies
The Bill will also amend the FHOG Act, Duties Act 2001, Land Tax Act 1915 and Taxation Administration Act 2001 to improve consistency of debt collection provisions.
Article Updated: Tuesday March 30, 2010 by Website Administrator
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Article First Created :
Andrew Smyth on Tuesday March 30, 2010
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