New laws introduced on 30 November 2016 allow for the forced sale of units in an apartment
The strata management industry is in for a significant shake up with the “once-in-a-generation” changes to strata laws being introduced on November 30, 2016. The NSW Government has amended the laws regarding the management of apartment buildings allowing 75% of owners in apartment blocks will be able to sell...
ATO targeting property investors
A recent taxpayer alert [Trusts mischaracterising property development receipts as capital gains] concerning property development and the use of trusts is significant for property developers. Taxpayer Alert 2014/1, describes an arrangement whereby a trust undertakes property development activities as part of its...
Chinese regulators may turn off the money flow that is funding the Australian real estate bubble
A Chinese Government crackdown on the recently exposed activities of the Bank of China's money laundering efforts in Australia will have repercussions on the sustainability of high property values in Sydney and Melbourne. China’s state broadcaster CCTV has launched an attack on one of the country’s most...
Changing A SMSF Trustee to a Corporate Trustee
Benefits of a Corporate Trustee 1. Changing Members If an SMSF is set up with a corporate trustee structure you can add a member (e.g. a spouse or child) or remove a member (e.g. if a member dies or can no longer act as trustee) with much less hassle than an individual trustee structure. If there is a ch...
Our Legal Fees & Services
At GMH Legal we believe that client relationships matter more than time sheets which is why we offer a range of alternative fee arrangements to best suit your needs. Our focus is on client service and establishing mutually rewarding relationships with our clients. We think that billing by the hour does not ...
Homebuyer’s Guide to Conveyancing
Buying your first home can be a confusing process, particularly when it comes to conveyancing. Taking your first step on to the property ladder can be an exciting time. But for those who have never been involved in a property purchase, the conveyancing process can often seem hard to understand. What i...
FIRST HOME OWNERS GRANT (NEW HOMES) AND FIRST HOME
If you are buying your first home, you may be eligible for various grants and schemes administered by the NSW Office of State Revenue.
First Home Owners Grant
The First Home Owners Grant scheme is available to people buying a new home or building their first home.
The scheme applies to new homes only and offers first home owners a $15,000 grant. Please note that on 1 January 2016 the grant will be reduced to $10,000
Your eligibility is determined on the facts and circumstances as at the commencement date of the eligible transaction. This is the date of the contract to purchase a new home or, for an owner builder, the date the foundations commenced to be laid.
- The contract date must be on or after 1 October 2012
- The home is a brand new home
- You are over 18
- The value of the property must not exceed the cap of $650,000
- You have not received a First Home Owners Grant in any State or Territory, unless subsequently repaid
- You need to live in the home for a continuous period of at least 6 months
- At least one applicant is a permanent resident or Australian citizen
- You and your spouse (including de facto spouse) have never held a relevant interest in any residential property in Australia prior to 1 July 2000
However you and your spouse (including de facto spouse), have only had a relevant interest in any residential property in Australia on or after 1 July 2000 and you have not resided in that property for a continuous period of at least 6 months.
Please note that if you cannot meet all the eligibility requirements, you are not eligible to receive the grant. In addition, if you receive the grant and fail to meet the eligibility requirements, you will need to repay grant.
You can apply for the First Home Owner Grant through your financial institution or OSR by submitting the following application. Applications lodged with financial institutions will have the grant available for settlement or for the draw down on contracts to build.
Applications can be lodged with OSR after completion and you are registered on title. Please note that applications must be lodged within 12 months of completion or settlement of your home.
First Home – New Home Scheme
The First Home – New Home scheme provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000.
Eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $350,000 and will receive concessions for vacant land valued between $350,000 and $450,000.
These rates apply from 1 July 2012.
To be eligible for the duty exemption or concession:
- At least one buyer must be an Australia citizen or permanent resident
- The agreement must be for the purchase of the whole property
- You must be a natural person, not a company or a trust
- You must be over 18
- You or your partner have not previously owned property in any form in any State or Territory
- At least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.
Please note that if you partner has previously owned a home or received a benefit from us under the First Home – New Home scheme, you will not be entitled to receive a concession or exemption.
You can apply for the First Home Owner Grant through your financial institution or OSR by submitting the following application.
Applications must be accompanied by all supporting documentations. You must have already exchanged contracts to purchase the new home.
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