Home Deposit Assistance Regulations
Statutory Rules 1982 No. 205 as amended
made under the
Home Deposit Assistance Act 1982
This compilation was prepared on 25 January 2001
taking into account amendments up to SR 1984 No. 196
Prepared by the Office of Legislative Drafting,
Attorney-General’s Department, Canberra
Contents
Page
1 Citation [see Note 1]
2 Interpretation
3 Prescribed earnings
4 Relevant amounts for the purposes of subsection 39 (4) of the Act
5 Application
Notes
1 Citation [see Note 1]
These Regulations may be cited as the Home Deposit Assistance Regulations.
2 Interpretation
In these Regulations the Act means the Home Deposit Assistance Act 1982.
3 Prescribed earnings
For the purposes of subsection 33 (2) of the Act, the sum referred to in paragraph 33 (1) (b) shall be adjusted by deducting from it an amount calculated in accordance with the following formula:
where:
a is the taxable income of any applicant, or the sum of the taxable incomes of any applicants, in relation to whom a direction or directions, as the case may be, has or have been given under subsection 37 (1) of the Act;
b is 24, 300; and
c is 25, 900.
4 Relevant amounts for the purposes of subsection 39 (4) of the Act
For the purposes of subsection 39 (4) of the Act:
(a) the lower relevant amount under subsection 39 (5) is $24,300; and
(b) the higher relevant amount under subsection 39 (5) is $27,900.
5 Application
(1) Regulation 3 applies to and in relation to an application for a grant under the Act by an applicant, or by applicants, in relation to whom the date that is the prescribed date for the purposes of the Act is a date later than 17 March 1982 and not later than 30 June 1982.
(2) Regulation 4 applies to and in relation to an application for a grant under the Act by an applicant, or by applicants:
(a) in the case of an applicant or applicants to whom a direction has been given under subsection 37 (1) of the Act — in relation to whom the prescribed date for the purposes of the Act is a date later than 17 March 1982 and not later than 30 June 1982; and
(b) in any other case — in relation to whom the date is the prescribed date for the purposes of the Act is a date later than 30 June 1982.
Notes to the Home Deposit Assistance Regulations
Note 1
The Home Deposit Assistance Regulations (in force under the Home Deposit Assistance Act 1982) as shown in this compilation comprise Statutory Rules 1982 No. 205 amended as indicated in the Tables below.
Table of Statutory Rules
Year and
number | Date of notification
in Gazette | Date of
commencement | Application, saving or
transitional provisions |
1982 No. 205 | 31 Aug 1982 | 31 Aug 1982 | |
1983 No. 134 | 5 Aug 1983 | 5 Aug 1983 | R. 5 |
1984 No. 196 | 22 Aug 1984 | 22 Aug 1984 | R. 2 |
Table of Amendments
ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted |
Provision affected | How affected |
R. 3................. | am. 1983 No.134; 1984 No. 196 |
R. 4, 5................ | rep. 1983 No. 134 |
Overview
The Home Deposit Assistance Regulations, Statutory Rules 1982 No. 205 as amended, were made under the Home Deposit Assistance Act 1982. These regulations were introduced to provide clarity and detail regarding the administration of the Act, particularly in relation to the calculation of prescribed earnings and relevant amounts for grant applications. Enacted by the Parliament of Australia, the policy objective of these regulations is to assist first home buyers by providing grants towards their home deposits, thereby enhancing their ability to enter the housing market. The regulations adjust the prescribed earnings for applicants and set the relevant amounts for the purposes of determining eligibility for the grant, ensuring that the assistance provided is fair and targeted towards those who need it most.
Scope and Application
The Home Deposit Assistance Regulations, which were made under the Home Deposit Assistance Act 1982, apply to applicants seeking grants for home deposits within a specific timeframe. These regulations delineate the application process for these grants and include certain adjustments to prescribed earnings and relevant amounts. Regulation 3 applies to applicants whose prescribed date for the purposes of the Act falls between 17 March 1982 and 30 June 1982, while Regulation 4 applies to applicants with a prescribed date after 30 June 1982. Notably, Regulation 3 was amended by Statutory Rules 1983 No. 134 and 1984 No. 196, and Regulation 4 was repealed by Statutory Rule 1983 No. 134. The scope of these regulations ensures that the application and administration of home deposit grants are carried out consistently and in accordance with the provisions of the Act.
Key Provisions
The Home Deposit Assistance Regulations (F1997B01895) are statutory rules that provide specific details and adjustments to the Home Deposit Assistance Act 1982. Regulation 2 defines the terms used within these regulations, ensuring clarity and consistency in their application. Regulation 3 outlines the prescribed earnings adjustments required for the purposes of subsection 33 (2) of the Act, specifying the formula to be used for calculations involving taxable incomes of applicants. Regulation 4 sets out relevant amounts for subsection 39 (4) of the Act, with the lower relevant amount being $24,300 and the higher relevant amount being $27,900. Regulation 5 details the application of these regulations, specifying that Regulation 3 applies to applications made between 17 March 1982 and 30 June 1982, while Regulation 4 applies to applications made after 30 June 1982, unless a direction has been given under subsection 37 (1) of the Act.
The Act imposes several obligations on applicants for home deposit assistance. Applicants must provide accurate information regarding their taxable incomes and prescribed dates, ensuring compliance with the specific regulations outlined. They must adhere to the prescribed earnings adjustments and relevant amounts stipulated in Regulations 3 and 4. Additionally, applicants must follow the application guidelines set forth in Regulation 5, which dictate the timeframes and conditions under which the regulations apply. Failure to comply with these requirements can result in the disqualification of their application for a grant under the Act.
Breaches of the provisions set out in the Home Deposit Assistance Regulations can lead to civil and criminal consequences. Although the specific offences and penalties are not detailed in the regulations, the Home Deposit Assistance Act 1982 likely outlines the legal framework within which such consequences are applied. Typically, penalties for non-compliance with statutory regulations can include fines, imprisonment, or both, depending on the severity of the breach. The maximum penalties would be determined by the specific provisions of the Act and any applicable laws. It is essential for applicants to fully understand and adhere to the regulations to avoid any potential legal repercussions.