Date: 23 June 2010 Source: NSW Office of State Revenue The NSW Home Builders Bonus (HBB) has been introduced to stimulate the construction of new homes in NSW. HBB provides exemptions and concessions for certain purchases of new homes, homes off the plan and vacant land on which new home will be built (New Housing Concession). To be eligible for the HBB the value of vacant land must not exceed $400,000 and new homes must not exceed $600,000. The agreement for sale or transfer must be either a new home purchase, or off the plan purchase, or a vacant land purchase. A new home includes a new townhouse, new apartment and new house and land package. An off the plan purchase is an agreement for the sale or transfer of land intended to be used as the site of a new home, which is to be built before completion of the agreement. An off the plan purchase will be eligible only if the agreement is: a) entered into on or after the 1st July 2010 and before the 1st July 2011 and completed by 31 December 2012. or b) entered into on or after 1 July 2011 and before 1 July 2012, and completed by 31 December 2013. For vacant land, construction must commence with the laying of 26 weeks after the agreement for sale or transfer is entered into, or within any longer period allowed by the Chief Commissioner and the building work must be completed within 18 months after the laying of foundations begins. It is important to note that all applications for exemptions or concessions under HBB must be made within 3 months of the date of the agreement for sale.
