An Act to amend the Duties Act 1997 in relation to the duty exemptions and concessions available to first home buyers.
1 Name of Act
This Act is the Duties Amendment (First Home—New Home) Act 2011.
2 Commencement
This Act commences on 1 January 2012.
Schedule 1 Amendment of Duties Act 1997 No 123
[1] Chapter 2 (except sections 87A, 87D and 92)
Omit “First Home Plus” wherever occurring.Insert instead “First Home—New Home”.
[2] Chapter 2, Part 8, heading
Omit the heading. Insert instead:Part 8 Exemption and concession schemes for home transactions
[3] Chapter 2, Part 8, Division 1, Subdivision 1, heading
Omit the heading.
[4] Section 69 The nature of the scheme
Insert “a new home that is” after “acquiring”.
[5] Section 69
Omit “and any mortgage given to assist the financing of the acquisition”.
[6] Section 70 Commencement
Omit “4 April 2004” wherever occurring. Insert instead “1 January 2012”.
[7] Section 70 (c)
Omit the paragraph.
[8] Section 74 Eligible agreements or transfers
Insert “new home that is a” after “acquisition of a” where firstly occurring in section 74 (1).
[9] Section 77 Eligible mortgages
Omit the section.
[10] Sections 78B (3) and (5) and 80A
Omit “Subdivision” wherever occurring. Insert instead “Division”.
[11] Section 80A Definitions
Insert in alphabetical order:home means a building (affixed to land) that:(a) may lawfully be used as a place of residence, and(b) is, in the Chief Commissioner’s opinion, a suitable building for use as a place of residence.new home means a home that has not been previously occupied or sold as a place of residence, and includes a substantially renovated home.substantially renovated home means a home that:(a) is new residential premises within the meaning of section 40-75 (1) (b) of the A New Tax System (Goods and Services Tax) Act 1999 of the Commonwealth, and(b) as renovated, has not been previously occupied or sold as a place of residence.
[12] Chapter 2, Part 8, Division 1, Subdivisions 1A and 2
Omit the Subdivisions.
[13] Chapter 2, Part 8, Divisions 1A and 2
Omit the Divisions.
[14] Section 221 Eligible mortgages under First Home Plus
Omit the section.
[15] Schedule 1 Savings, transitional and other provisions
Insert at the end of clause 1 (1):
[16] Schedule 1
Insert at the end of the Schedule with appropriate Part and clause numbering:Part Provisions consequent on enactment of Duties Amendment (First Home—New Home) Act 2011First Home Plus schemeA provision of Division 1 of Part 8 of Chapter 2 that, immediately before 1 January 2012, applied in respect of the following transactions and instruments continues to apply in respect of those transactions and instruments in the same way as it applied before the amendment of that Division by the Duties Amendment (First Home—New Home) Act 2011:(a) agreements for sale or transfer entered into on or after 4 April 2004 but before 1 January 2012,(b) transfers that occur on or after 4 April 2004 but before 1 January 2012,(c) transfers that occur on or after 1 January 2012 that are made in conformity with an agreement for sale or transfer referred to in paragraph (a).NSW Housing Construction Acceleration PlanDivision 1A of Part 8 of Chapter 2, as in force immediately before its repeal by the Duties Amendment (First Home—New Home) Act 2011, continues to apply in respect of agreements for sale or transfer, and transfers, to which that Division applied immediately before its repeal.