NEW NSW HOME BUILDERS BONUS COMES INTO EFFECT

NEW NSW HOME BUILDERS BONUS COMES INTO EFFECT

21 July 2010

The Nationals Member for Lismore Thomas George welcomed the NSW Government new Home Builders Bonus that came into effect on 1 July 2010.

Mr George said new home owners of newly built homes in the Lismore are encouraged to take advantage of this NSW Home Builders Bonus.

“The NSW Home Builders Bonus has been introduced to stimulate the construction of new homes in NSW.

“The NSW Home Builders Bonus provides exemptions and concessions for certain purchases of new homes, homes off the plan and vacant land on which a new home will be built,” Mr George said.

“People can either get the New Housing Concession or the Seniors Principal Place of Residence Duty Exemption, depending on their eligibility,” Mr George said.

“The New Housing Concession provides a full exemption on transactions relating to vacant land and off the plan purchases where building has not commenced. A partial concession of 25 per cent of duty payable applies to completed new homes or off the plan purchases where construction has commenced.

“The Seniors Principal Place of Residence Duty Exemption provides a full exemption for eligible seniors purchasing a new home that is to be occupied as their principal place of residence. Applicants must be 65 or over and selling their current residence,” Mr George said.

“To be eligible for the Home Builders Bonus, the value of vacant land must not exceed $400,000 and new homes must not exceed $600,000.

“This is an excellent opportunity for any new home owner who is building in the Northern Rivers region to take advantage of this bonus while it also ensures there is a continual construction of new homes in NSW,” Mr George said.

The criteria for eligibility for both NSW Home Builders Bonus and The Seniors Principal Place of Residence Duty Exemption is outlined on the Office of State Revenue website www.osr.nsw.gov.au where you can also find an application form and further information.

Applicants can also visit my office or call on 66213624.

Lismore Contact Details:

Office: 55 Carrington Street  LISMORE
Postal: PO Box 52  LISMORE  NSW  2480
Telephone: 02 6621 3624
Facsimile: 02 6622 1403
Email: lismore@parliament.nsw.gov.au

Murwillumbah Contact Details:

Telephone: 02 6672 7577