HomeBuilder Grant – the deadline is approaching.

Written by Nicola Brazier of YBM

The HomeBuilder’s Grant has been extended. Details of the changes can be found in our updated article below.

Applications for the HomeBuilder Grant need to be in by 31 December, a deadline that is rapidly approaching!

The HomeBuilder Grant was introduced in June as a measure to support the Construction industry by providing eligible owner-occupiers with $25,000 grants to build or substantially renovate.  However, there are a number of eligibility requirements, as well as a deadline of 31 December 2020, by which stage contracts must be signed with a registered or licensed building service contactor.  In fact, this step must be completed before applications can be lodged.

Be warned, as eligibility criteria are numerous!

Eligible applicants:

  • Must be Australian citizens, aged 18 years or older at the date of the contract, and must be a person (not a company or trust);
  • Must be registered on the title as owners of the property or land where the building or renovation is occurring;
  • Must earn less than $125,000 per annum as an individual or less than $200,000 per annum as a couple;
  • Must not have previously received the HomeBuilder Grant for any property owned individually or jointly with another person in any Australian state or territory.

Eligible homes:

  • Must be lived in by the applicant as their principal place of residence and exclude investment properties;
  • Must be located in NSW;
  • Must be ‘fixed’ to your land.

Eligible contracts:

  • Must be for one of the following:
    • The construction of a new home as your principal place of residence, or the purchase of an off the plan home as your principal place of business, where the total value of the property (house and land) does not exceed $750,000;
    • The substantial renovation to your principal place of residence where the renovation contract is between $150,000 and $750,000, and where the value of the existing house and land does not exceed $1.5 million.
  • Must be signed with a registered or licensed building service contractor.  A valid copy of the builder’s licence or registration must be provided as part of the supporting documentation when applying for the grant;
  • Cannot apply to owner-builders;
  • Must deal with parties at arm’s length and at commercial rates;
  • Must have construction commencing within three months of the contract date and must not have had construction commencing before 4 June 2020.

The Revenue NSW website contains detailed information as to eligibility, as well as the application link.  There is also a link for the ‘application form and lodgement guide’ where you can check what supporting documentation is also required.  This is a great place to start.

https://www.revenue.nsw.gov.au/grants-schemes/homebuilder

Remember, you must have entered into an eligible contract before completing the application.

If you have any questions, or would like assistance with the application, please don’t hesitate to contact us.

Orange
02 6362 1533
Email us
Molong
02 6366 8049
Email us
www.ybm.com.au

Yates Baker McLean. Accountants and Business Advisors situated in the Central West of NSW.
Offering comprehensive advice for all your financial needs including tax, auditing, business advisory, self managed super funds, specialised industry experience and financial planning.

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