5
Terms Used
Applicant: A person applying for a grant, who on
completion of the eligible transaction, will own or hold a
relevant interest in the land on which the home is built.
All interested persons must be applicants — an
interested person is a person who is, or will be on
completion of the eligible transaction, an owner of the
home.
Approved agent: Financial organisations, approved by the
ACT Revenue Office, to accept and process applications for
the grant. An Approved agent is not authorised by the
ACT Revenue Office to offer any advice or assistance on
the conditions of eligibility for the grant or on the
completion of the application for the grant.
Cap: The value amount of the eligible property the
first home owner grant cap is $750,000 or less; or if
another amount is prescribed by
regulation-the
prescribed amount.
Commissioner: Commissioner for ACT Revenue.
Completion date of eligible transaction:
(a)
For a contract to purchase a new, substantially
renovated or off the plan home— when the
purchaser becomes entitled to possession of the
home and, if required to obtain registered title to the
property, when the necessary steps to obtain
registration of the purchaser’s title have been taken.
(b)
For a contract to build or an owner builder – when a
Certificate of Occupancy is issued.
Contract to build: A comprehensive building contract
where a builder agrees to build a complete home, from
the time the building starts to when it is finished and is
ready for occupation, and includes any further contract
to complete work not otherwise completed for any
reason.
Consideration: The purchase price or cost of construction
of the home.
Eligible transaction: An eligible transaction is:
(a)
A contract for the purchase of a new home in the
ACT made on or after 1 January 2016; or
(b)
A comprehensive home building contract made on
or after 1 January 2016 by the owner of land in the
ACT, or a person who will on completion of the
contract be the owner of land in the ACT, to have a
new home built on the land; or
(c)
The building of a new home in the ACT by an owner-
builder if the building work begins on or after 1
January 2016.
Home: A building, affixed to land, that may be lawfully
used as a place of residence and that the Commissioner is
satisfied is a suitable building for use as a place of
residence.
Individual: A natural person
Related or associated party: A person is related or
associated with another party when:
•
one is the partner of the other; or
•
they are related by blood, marriage or adoption; or
•
they are a shareholder/director of the other party,
being a company; or
•
they are a beneficiary of a trust for which the other
party is a trustee; or
•
the transaction is otherwise not at arm’s length.
Relevant interest: A person with a relevant interest may be
described as the person who will have a legal entitlement to
occupy the home being bought or constructed. Usually this
will be the person(s) registered as proprietor on the title
(generally a leasehold interest in the land granted by the
Commonwealth). Each person acquiring a relevant interest
must be listed as an applicant on the application form.
New home: A home that has not been previously occupied
or sold as a place of residence and includes a substantially
renovated home.
Notifiable event: An event that occurs when any part of
the eligibility criteria is not met. Applicants are required
by law to notify the Commissioner in writing and repay the
grant within 14 days of becoming aware of a notifiable
event. Examples: applicant cannot satisfy the residence
requirement, or grant has been paid to an owner builder
in anticipation the total value will not exceed the cap but
the total value when completed, does exceed the cap.
Off the plan purchase agreement: An agreement for the
sale or transfer of dutiable property that is, or includes,
land where a residence is to be erected or developed
before completion of the sale or transfer.
Owner: A person who has a relevant interest in land on
which a home is built.
Owner builder: An owner of land who builds a home or
has a home built, on the land without entering into a
comprehensive home building contract.
Partner of Applicant: A person is the partner of the
applicant if the person is the applicant’s domestic partner.
(See Legislation Act 2001, s 169 for the meaning of
domestic partner).
Permanent resident: A person who holds a permanent
residency visa under s 30 of the Migration Act 1958 (Cth)
or a New Zealand citizen who holds a special category visa
under s 32 of the Migration Act 1958.
Principal place of residence: The home you primarily reside
in. The most important characteristic of a principal place of
residence is that the person is living in the residence on an
ongoing and permanent basis as the person’s settled or usual
home. When the occupation is transient, temporary or of a
passing nature, or the occupation is for some other purpose,
this is not sufficient to establish occupation as a principal
place of residence.