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
A new application form will be introduced to reflect this change and will be available on the Office of State Revenue website from 31 March.