Government $7000

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From: Synth Boy



Greetings IP people !

This is my first time on your wonderful FORUM and I hope to be able to help others when I have the knowledge I seek. ;)

Can somebody tell me about the $7000 you get to buy your first home ?

What time period would you have to live there to warrant the $7000 ?

Many thanks
SynthBoy

from Melbourne...Northern Suburbs


PS : Yes. I do play a musical instrument.
 
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Reply: 1
From: Peter Davidson


1 year or have a very good excuse as to why you moved out. Ie. Like moving interstate for work. Hope that helps.
 
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From: Owen .


Check out the http://www.ato.gov.au or http://www.taxreform.ato.gov.au for details on this.

There is no specified term you have to show to prove that it is you own home. The wording is "intend to make the home your principal residence, and
start living in the home within a reasonable time."

The CGT rules have similar wording and to qualify for that exemption you only need to move some of your furniture into the house and hook up the utilities in your name.

Perhaps this is the same. Ask the ATO.
 
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Reply: 2.1
From: Garry T



I'm not sure where you are but in NSW the FHOGS is managed by the Office of State Revenue www.osr.nsw.gov.au

I have emailed them about this and I have read the legislation which is on their website.

It is difficult to get a definitive answer from the OSR as to what is accepted as constituting proof of principle place of residence. The first time they told me that electricity / water rates etc would be sufficient if you are audited. To me that means 1 invoice will do (~3mths).

But when I phrased the same question a different way, being very explicit as to what my intention after 3 mths would be they did not reply to my email. I think I will try them again, but my guess is whoever the group of people tasked with answering such question are, are concerned that they would in effect be helping us to get around the intent of the legislation by answering such questions.



Garry
 
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