The HomeBuilder Scheme is a $25,000 non-taxable grant for owner occupiers to build a new home or substantially renovate an existing home (unfortunately, this grant is not available for investment properties). It was established with the expectation to assist the residential construction market by encouraging the commencement of new home builds and renovations.

Though there are a couple of restrictions…and as usual some hoops to jump through to be eligible.

The works from the grant must improve the liveability of the dwelling e.g. not available for swimming pools/tennis courts/unconnected structures. And (good news for some) you do not have to be a first home buyer, but you do have to reside in the property on completion.

So Am I Eligible? Well, to be eligible you must meet ALL of the following:

  • You are a natural person (not a company or trust);
  • You are aged 18 years or older;
  • You are an Australian citizen;
  • You meet one of the following two income caps:
    • $125,000 p/a for an individual based on your 2018-19 tax return or later; or
    • $200,000 p/a for a couple based on both 2018-19 tax returns or later;
  • You enter into a building contract between 4 June 2020 and 31 December 2020 to either:
    • Build a new home as a principal place of residence, where the property value does not exceed $750,000; or
    • Substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million;
  • Construction must commence within three months of the contract date.

Now the scheme will be implemented nationally, but will utilise states and territories for applications and disbursements of funds. There is no estimated application open date at present, but once open, applications will be backdated to the commencement of the scheme. Information on when and how you will be able to apply will become available through the relevant State or Territory revenue office in due course.

– Jamie Newling

Posted 19.06.2020

This article is compiled as a helpful guide for your private information and is subject to copyright. We suggest that you do not act solely on the basis of material contained in this article because items are of general nature only and may be liable to misinterpretation in particular circumstances. We recommend that our advice be sought before acting on any of these crucial areas.

What Our Clients Say

I'm really enjoying the personalised touch and service I'm receiving from Ian and Siarn. Always prompt, professional and happy to answer my silly questions and help me stay informed. I've been a client of Bill's and HQB for about 20 years. Since Bills retirement he passed me on to Ian and the quality of the service just seems to keep getting better. HQB comes highly recommended by me.
Trent Allen
Trent Allen
03:43 25 Jun 20
We highly recommend the team at HQB. We are a Sydney based business, and we find the team highly professional, responsive, and just a pleasure to deal with. They are very proactive and we feel as though we are a valued client. Well done to Brad Sheaves and team HQB !
Alastair Fysh
Alastair Fysh
04:31 25 May 20
HQB accountants have been an asset to our business. They have made Job Keeper a breeze and kept our business strong. They respond to emails quickly. They have been terrific value for us as they have brought knowledge and expertise that I don't have even if I had the time to do my accounting. They have taken the time to understand my business and structure our finances accordingly.
Kyle Maloney
Kyle Maloney
06:19 22 May 20
Amazing service from James (& Brianna), going well above his responsibilities to his clients. Cannot recommend James highly enough. HQB a highly professional and responsive accounting firm. Incredibly quick at responding, yes, often after hours, which is more than we would ever expect from any professional. I am continually recommending James to friends and family. Many thanks James. Kind regards, Lyn (& Jeff) Green
Jeff Green
Jeff Green
01:02 17 May 20
James became our Accountant last year and he has handled all our entities swiftly and pro actively. We are incredibly impressed with him and HQB and feel very comfortable in their hands to manage our Business. James is always prompt in replying and sometimes out of hours and his handling of our recent predicament with COVID 19 has helped us manage our Business successfully through this trying time. Thank you James and the team at HQB. We will always recommend you highly,.
Pandora Colledge
Pandora Colledge
01:36 15 May 20

Subscribe to Our Newsletter

Get all the latest news from HQB delivered direct to your inbox

Your Name (required)

Your Email (required)

 
208

Days left until the new financial year. Get your tax sorted today. Click here to get started.