HomeBuilder Scheme Grants of $25,000June 11 2020
The HomeBuilder scheme targets the residential construction market by providing tax-free grants of $25,000 to eligible owner-occupiers, including first home buyers, to build a new home or substantially renovate their existing home.
Eligibility criteria apply to the individuals applying for the grant and the building project:
The HomeBuilder scheme is available to owner occupiers including first home buyers. It is not accessible to owner builders, developers or investors.
To be eligible you need to be:
• An individual (not a company or trust); and
• 18 years of age or older; and
• An Australian citizen.
And, you need to meet the income test.
To be eligible, you cannot earn more than:
• Individuals – $125,000 based on your 2018-19 or later tax return
• Couples – $200,000 based on both of your 2018-29 or later tax returns
The building project eligibility
The building contract must be signed between 4 June 2020 and 31 December 2020. And, the construction or renovation must commence within three months of the contract date.
For further information please contact our office (03) 5331 3118