Western Australian Numbered Acts Western Australian Numbered Acts After section 14
the following Subdivision is inserted in Part 2 Division 3 —
“
Subdivision 2 — Special eligible transactions
In this Subdivision, a
"new home" is a home that has not been previously occupied or sold as a place
of residence.
14B. Special eligible transactions
(1) A "special
eligible transaction" is an eligible transaction the commencement date of
which is not before 9 March 2001 and not after
31 December 2001 that is —
(a) a
contract for the purchase of a new home or a substantially renovated home;
(b) a
comprehensive home building contract for a new home if —
(i)
the building work begins within 16 weeks after the
commencement date, or any longer period that the Commissioner allows for delay
caused by circumstances beyond the control of the parties; and
(ii)
the contract provides to the effect that the building
work must be completed within 12 months after it begins or, if the
contract does not provide for a completion date for the building work, it is
completed within 12 months after it begins;
or
(c) the
building of a new home by an owner builder if the eligible transaction is
completed before 1 May 2003.
(2) For the purposes
of paragraph (a) of subsection (1), a home is a substantially
renovated home if —
(a) the
sale of the home under the contract referred to in that paragraph is, under
the A New Tax System (Goods and Services Tax) Act 1999 of the
Commonwealth, a taxable supply as a sale of new residential premises within
the meaning of section 40-75(1)(b) of that Act; and
(b) the
home, as so renovated, has not been previously occupied or sold as a place of
residence.
(3) However, an
eligible transaction mentioned in subsection (1)(a) that is a contract to
purchase a home on a proposed lot on a proposed plan of subdivision of land
(including a proposed strata plan or survey-strata plan within the meaning of
the Strata Titles Act 1985 ) is a special eligible transaction only if
the contract provides to the effect that the building work must be completed
before 1 May 2003 or, if the contract does not provide for a
completion date for the building work, it is completed before that date.
(4) Also, an
eligible transaction that is a contract is not a special eligible transaction
if the Commissioner is satisfied that the contract replaces a contract made
before 9 March 2001 that was a contract to purchase the same home or
a comprehensive home building contract to build the same or a substantially
similar home.
(5) For the purposes
of this section, building work —
(a)
begins when laying the foundations for the home begins; and
(b) is
completed when the building is ready for occupation as a home.
”.