South Australian Consolidated Acts South Australian Consolidated Acts (1) For the purposes
of sections 7, 18B, 18BA and 18BAB, but subject to
subsections (2) and (3), the market value of the home to which an
eligible transaction relates (the "market value") will be determined as
follows:
(a) in
the case of an eligible transaction constituted by a contract under
section 13(1)(a)—the market value will be taken to be—
(i)
unless subparagraph (ii) applies—the
consideration for the eligible transaction;
(ii)
if the Commissioner considers that the consideration for
the eligible transaction may be less than the market value—the
market value of the property on which the home is situated, as at the time
when the contract is made, as determined by the Commissioner for the purposes
of this provision;
(b) in
the case of an eligible transaction constituted by a comprehensive home
building contract under section 13(1)(b)—the market value will be
taken to be the sum of the following:
(i)
—
(A) unless subsubparagraph (B)
applies—the consideration for the comprehensive home building contract
under section 13(7);
(B) if the Commissioner considers that the
total consideration payable for the relevant building work may be less than
the actual costs to build the home—the actual costs to build the home,
as determined by the Commissioner for the purposes of this provision; and
(ii)
the market value of the property on which the home is to
be built, as at the time when the building contract is made, as determined by
the Commissioner for the purposes of this provision;
(c) in
the case of an eligible transaction constituted by the building of a home by
an owner builder under section 13(1)(c)—the market value will be
taken to be the market value of the property on which the home is situated, as
at the time when the eligible transaction is completed, as determined by the
Commissioner for the purposes of this provision.
(2) For the purposes
of subsection (1), if an eligible transaction relates to a home on a
genuine farm, the relevant component of the farm will be taken to constitute
the property on which the home is situated, or is to be built.
(3) If a person is
entitled to a first home owner grant by virtue of the operation of
section 5(4)—
(a) if
the relevant interest relates to a comprehensive home building contract for
the construction of a home—the market value of the home to which the
eligible transaction relates will be taken to be the consideration for the
comprehensive home building contract;
(b) in
any other case—the market value of the home to which the eligible
transaction relates will be determined in accordance with—
(i)
the method prescribed by regulation for the purposes of
subsection (6)(b) of section 18B immediately before the repeal of
that subsection by the Statutes Amendment (Budget 2010) Act 2010 ; or
(ii)
if another method is prescribed by regulation for the
purposes of this subsection—that method.
(4) The Commissioner
may adopt or approve any method the Commissioner considers reasonable for the
purposes of determining any value or costs under a preceding subsection,
including by requiring that a valuation of property be made by a person
appointed or approved by the Commissioner.
(5) If the
Commissioner requires a valuation of property to be made for the purposes of
determining the value of any property under this section, the Commissioner
may, having regard to the merits of the case, charge the whole or any part of
the expenses of, or incidental to, the making of the valuation to the
applicant or applicants and may recover the amount so charged from the
applicant or applicants as a debt due to the Crown.
(6) To avoid doubt,
the market value of any property on which a home is situated will, for the
purposes of this section, be the market value of the land, the home and any
other improvements.
(7) In this
section—
"genuine farm" means land as to which the Commissioner is satisfied—
(a) the
land is to be used for primary production by the person seeking the benefit of
this section; and
(b) the
land is, by itself, or in conjunction with other land owned by that person,
capable of supporting economically viable primary production operations;
"relevant component" of a genuine farm means the part of the farm constituted
by the home and its curtilage, or the part of the land that is to constitute
the site and curtilage of a home that is to be built.