First Home Owners Grant

[WebBoard]

From: Mike .


$7000 from govt
From: Mandy
Date: 6/23/00
Time: 9:53:56 PM

Hi I was just wondering. I have investment property but have never lived in it (always rented). Does anyone know if I would be eligible for the 1st home buyers grant if I was to buy my own home? Ever hopeful!

 

[WebBoard]

Scott

Reply: 1
From: Mike .


Re: $7000 from govt
From: Scott
Date: 6/23/00
Time: 11:59:46 PM

Mandy

I spoke to the ATO about this and they told me to talk to the Tax Reform Office and they told me to talk to the Qld Office of State Revenue, who evetually answered this same question for me.

The answer: You are only eligible for the First Home Buyers Allowance if you purchase your invesment property after July 1. I asked them to explain why this is so and they couldn't - they just said "that's the legislation".

This was the case in QLD. It may be different in other states - I don't know.

Why not give the tax office a call and ask them...it only takes 3 phone calls

Scott

 

[WebBoard]

Mandy

Reply: 1.1
From: Mike .


Re: $7000 from govt
From: Mandy
Date: 6/24/00
Time: 7:45:50 PM

Thanks Scott. That was the same information I got from their website but it seemed so illogical I was hoping I was wrong! Regards Mandy

 

[WebBoard]

Robert

Reply: 1.1.1
From: Mike .


Re: $7000 from govt for IP's??
From: Robert
Date: 6/24/00
Time: 10:54:17 AM

Scott

In your postiing you've said that you might be able to get the $7000 rebate on your first property if it's an investment. Was this correct or wrongly worded or I read it wrongly.

I was under the impression that you could only get the grant if it was an owner occupier property.

Robert

 

[WebBoard]

Scott

Reply: 1.1.1.1
From: Mike .


Re: $7000 from govt for IP's??
From: Scott
Date: 6/24/00
Time: 9:29:07 PM

Robert

To clarify...

If you purchase your investment property AFTER July 1, you are still eligible for the First Home Buyers Allowance when you buy your first home.

If you buy a property BEFORE July 1 you are NOT eligible for the First Home Buyer Allowance when you buy your first home.

But, as always, check this out for yourself before you do anything about it. I would think that you would want to get this in writting from the ATO before taking action.

Rgds, Scott

PS: Just found this on a previous post on this forum...

http://www.osr.nsw.gov.au/info-fhogs.htm

 

[WebBoard]

Jane P

Reply: 1.1.1.1.1
From: Mike .


Re: Mandys ?? - FHOG
From: Jane P
Date: 6/25/00
Time: 9:24:32 AM

Hi Mandy and all, Just to recap on previous comments (I'm looking at the ad. for First Home Assistance, it says:

1. Property to be bought after 1 July.
2. Must be residential, ie. you must live in it yourself.
3. You haven't had a grant previously under this act (2000).
4. You haven't owned a residential property and lived in it before or after 1 July and sought a grant.
5. Australian resident etc. etc.


Do more research though. I think also you have to live in it for at least 6 months yourself to be eligible.

Cheers - Jane P

 

[WebBoard]

Andrew G

Reply: 1.1.1.1.1.1
From: Mike .


Bad news I'm afraid
From: Andrew G
Date: 6/25/00
Time: 12:39:35 AM

It is all still very confusing at the moment. Last I knew (2 weeks ago) the federal government still hadn't printed any application forms for the grant.

Bad news Mandy you will not get it. It has to be your first "property" not "home". If it is the first property in your name but the other is in your partners name (for example) you are still ineligible as their name must also be submitted. (I understand that this is the same for the stamp duty concession in NSW.)

If you want to use the property as an IP you can not. You must move in within a "reasonable amount of time" which has been interpreted as 12 months (again this could still change). As far as moving out is concerned I don't know. I doubt they will be checking, but I DON'T recommend you do anything dodgy, ask your solicitor.

To go even further than Robert, you can not buy now settle later (mind you if you could settle between now and July 1 I will be very impressed). The sale is considered to have taken place when you sign not at settlement so you would miss out. Options are OK apparently.

If in doubt leave it 2 weeks and then it will all be ancient history anyway.

Andrew.

 

[WebBoard]

Jeff

Reply: 1.1.1.1.1.1.1
From: Mike .


Re: Bad news I'm afraid
From: Jeff
Date: 7/3/00
Time: 9:03:57 AM

New just in: In QLD you only have to live in the place for 3 months... good hunting.

Jeff