First Home Owner Grant and Shared Equity Act 2000 (NSW)

First Home Owner Grant and Shared Equity Act 2000 No 21

An Act to encourage and assist home ownership, and to offset the effect of the Goods and Services Tax on the acquisition of a first home, by establishing a scheme for the payment of grants to first home owners who purchase or build new homes; to amend the Stamp Duties Act 1920 to exempt such grants from financial institutions duty; and for other purposes.

Part 1 Preliminary

1 Name of Act This Act is the First Home Owner Grant and Shared Equity Act 2000.

2 Commencement This Act commences on 1 July 2000.

3 Definitions (1) In this Act— administration of this Act or a corresponding law includes the execution and enforcement of this Act or the corresponding law. administration agreement means an agreement under section 32. Australian citizen has the same meaning as in the Australian Citizenship Act 2007 of the Commonwealth. authorised investigation—see section 34. authorised officer means a person referred to in section 33 (1) or a person appointed to be an authorised officer under section 33 (2). building includes part of a building. Chief Commissioner means the Chief Commissioner of State Revenue referred to in section 60 of the Taxation Administration Act 1996. commencement date of an eligible transaction—see section 13 (4). completed—for completion of an eligible transaction, see section 13 (5). comprehensive home building contract means a contract under which a builder undertakes to build a home on land from the inception of the building work to the point where the home is ready for occupation and if, for any reason, the work to be carried out under such a contract is not completed, includes any further contract under which the work is to be completed. consideration for an eligible transaction—see section 13 (7). corresponding law means an Act of another State, or a Territory, corresponding to this Act. eligibility cap—see section 13A. eligibility criteria means the criteria for determining whether an applicant for a first home owner grant is eligible for the grant (see Division 2 of Part 2). eligible transaction—see section 13 (1). exercise a function includes perform a duty. first home owner grant means a first home owner grant authorised under this Act. first home owner grant scheme means the scheme for payment of first home owner grants established under this Act. function includes a power, authority or duty. guardian of a person under a legal disability includes a trustee who holds property on trust for the person under an instrument of trust or by order or direction of a court or tribunal. home—see section 4. multiple occupancy contract—see section 6A. multiple occupancy land—see section 6B. new home—see section 4A. option to purchase includes a right of preemption or a right of first refusal. owner— (a) in relation to a home, has the meaning given by section 5 (1), and (b) in relation to land, means a person who has a relevant interest in the land. owner builder means an owner of land who builds a home, or has a home built, on the land without entering into a comprehensive home building contract. permanent resident means— (a) the holder of a permanent visa within the meaning of section 30 of the Migration Act 1958 of the Commonwealth, or (b) a New Zealand citizen who holds a special category visa within the meaning of section 32 of the Migration Act 1958 of the Commonwealth. property means— (a) a home, or (b) land, or (c) a relevant interest in land. relevant interest—see section 5 (2), (3) and (4). residence requirement—see section 12. residential property—land in Australia is residential property at a particular time if there is, at that time, a building on the land lawfully occupied as a place of residence or suitable for occupation as a place of residence. spouse—see section 6. taxation law means a law for the assessment or imposition of a tax. terms contract means a contract for the sale or purchase of land under which the purchaser— (a) is obliged to make 2 or more payments to the vendor after the execution of the contract and before becoming entitled to a conveyance or transfer of the land, and (b) is entitled to possession or occupation of the land before becoming entitled to a conveyance or transfer of the land. total value of a transaction—see section 13B.