Here is some good news for people that want to renovate their homes. The Federal Governments Home-Builder scheme will provide eligible applicants with a $25,000 tax-free grant that can be used to build a new home or to renovate an existing one. This scheme is supposed to support the construction industry and to make it more substantial you can combine it with existing State and Territory First Home Owner Grant programs, other grant schemes, and stamp duty concessions. So, if you plan it well, you can get great savings.
1. What the project needs to be eligible
First and foremost, there must be a valid contract that has been signed between you and a licensed or registered builder. The date must be between 4 June 2020 and 31 December 2020. This is supposed to target clients that would have wanted to build or renovate during this time but would have been deterred by the ongoing global pandemic and the uncertainties that it brings. It is important to note that construction must begin within three months of the contract being signed, the latest date that construction can commence being the end of March 2021.
The project must be one where you are building a new home as a principal place of residence. The value of the property must not exceed $750,000. You can also apply if you want to renovate your current home where you live. The contract must be between $150,000 and $750,000 and the total value of your home must not exceed $1,5 million. All renovations must improve the accessibility, quality, and safety of the home. Any structures that are not attached to the main house such as sheds or granny flats are not included.
2. What you need to be eligible
In order to access this scheme, you need to apply as a person (not as part of a company or representing a trust). You must be above the age of 18 and you need to be an Australian citizen. This grant is means tested so you need to conform to income limits. These two criteria are as follows: $125,000 per annum for an individual based on your 2018-19 tax return or later and $200,000 per annum for a couple based on both 2018-19 tax returns or later. To apply you must provide all the documentation that is listed above as proof of your eligibility.
Now is the time to build or renovate!
At Xclusiv Built Projects – Home Builders Sydney, we specialize in both building’s residential and commercial buildings. Our team of experts can help you build or renovate. If you want to start a renovation project, we are currently updating our client list.
Contact us today and one of our team members will be able to set up a meeting with you.