Western Australian Consolidated Acts Western Australian Consolidated Acts (1) An eligible
transaction is a transaction —
(a) with
a commencement date on or after 1 July 2000; and
(b) that
has a total value that is less than or equal to any cap amount that
applies —
(i)
in the case of a contract — on the
commencement date; or
(ii)
in the case of the building of a home by an owner
builder — on the date the transaction is completed.
(2) A contract is a
contract for the purchase of a home if it is a contract for the acquisition of
a relevant interest in land on which a home is built.
(3) Unless the
contract is declared under subsection (4) to be an eligible transaction,
a contract is not an eligible transaction if —
(a) in
the case of a contract to purchase a home — the purchaser had an
option to purchase the home granted before 1 July 2000, or the
vendor had an option to require the purchaser to purchase the home granted
before that date; or
(b) in
the case of a comprehensive home building contract — either party
had a right or option granted before 1 July 2000 to require the
other party to enter into the contract.
(4) The Commissioner
may declare a contract to which, apart from this subsection,
subsection (3) would apply to be an eligible transaction if the
Commissioner is of the opinion that the contract does not have the effect of
circumventing limitations on, or requirements affecting, eligibility for or
entitlement to a first home owner grant.
(5) If the
commencement date of the building of a home by an owner builder is before the
date the First Home Owner Grant Amendment Act 2009 section 9 comes
into operation no cap amount applies to the transaction.
[Section 14 amended by No. 27 of 2009
s. 9.]