From 1 July 2016 the Queensland First Home Owners Grant (FHOG) will be boosted from $15,000 to $20,000.
This boost is limited to a 12 month period, ending 30 June 2017.
The legislation changes that enable the increase were passed by the Queensland Parliament on 17 June 2016.
As with most things in life, timing is the key!
Buyers who qualify for the FHOG will not get the extra $5,000 boost ($20,000 instead of $15,000) if they have entered into their purchase contracts or building contracts before 1 July 2016. There are anti-avoidance measures in the new legislation which require the Office of State Revenue (OSR) to disqualify buyers from the boosted payment if it is part of a scheme or arrangement to get around the 1 July 2016 start date for the boost. In particular, the OSR will be watching out for contracts entered in to after 1 July 2016 that replace a contract made before that date for the same or substantially similar home.
There are substantial penalties for making false declarations in relation to the FHOG scheme.
This publication has been carefully prepared, but it has been written in general terms and should be viewed as broad guidance only. It does not purport to be comprehensive or to render advice. No one should rely on the information contained in this publication without first obtaining professional advice relevant to their own specific situation.