Duties Amendment (First Home—New Home) Act 2011 (NSW)

An Act to amend the Duties Act 1997 in relation to the duty exemptions and concessions available to first home buyers.

1Name of Act

This Act is the Duties Amendment (First Home—New Home) Act 2011.

2Commencement

This Act commences on 1 January 2012.

Schedule 1Amendment 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:

[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):

Duties Amendment (First Home—New Home) Act 2011

[16]Schedule 1

Insert at the end of the Schedule with appropriate Part and clause numbering:

PartProvisions consequent on enactment of Duties Amendment (First Home—New Home) Act 2011

A 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).

Division 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.