New South Wales Repealed Acts

This legislation has been repealed.

REGIONAL RELOCATION GRANTS (SKILLS INCENTIVE) ACT 2011 - SECT 13

13 Maximum value of purchase

(1) The value of the purchase must not exceed $600,000 or, in the case of a purchase of vacant land, $450,000.

(2) The value of the purchase is the greater of the following:

(a) the consideration for the purchase,

(b) the unencumbered value of the property the subject of the purchase on the date the purchase is completed.

(3) The
"unencumbered value" of property is the value of the property determined without regard to:

(a) any encumbrance to which the property is subject, whether contingently or otherwise, or

(b) any arrangement that results in the reduction of the value of the property, if the parties to the arrangement are not dealing with each other at arm's length, or

(c) any scheme or arrangement that, in the opinion of the Chief Commissioner, was entered into, made or carried out by a party to the scheme or arrangement for the sole or dominant purpose of reducing the value of the property.

(4) For the purposes of subsection (3) (c), the Chief Commissioner may have regard to:

(a) the duration of the scheme or arrangement before the purchase of the property commenced, and

(b) whether there is any commercial efficacy to the making of the scheme or arrangement other than to reduce the value of the property, and

(c) any other matters the Chief Commissioner considers relevant.

(5) For the purposes of this section, land is
"vacant land" if the land does not have a home on it ready for use and occupation as a place of residence when the purchase is completed.