HomeBuilder Grant

Posted 4 Jun '20

HomeBuilder Grant

By Kimberley Butler

Are you eligible for the new HomeBuilder grant?

A new HomeBuilder grant will be made available for eligible owner-occupiers (including first home buyers) to build or substantially renovate their homes between June and December.

The scheme, which will provide recipients with $25,000 to build or perform renovations on their homes, is a bid by the Federal Government to stimulate the building and construction industry and ease a predicted downturn.

Couples earning less than a combined income of $200,000 per year, and individuals earning less than $125,000 per year, will be able to apply for the grant to put towards renovations or to build a new home.

New builds will be capped at $750,000 including the land, while renovations can cost anywhere between $150,000 and $750,000 where the house being altered is valued at less than $1.5 million.

The scheme will not apply to investment properties or owners who intend on building or renovating on their own without the help of builders. Renovation work will not include structures separate to the main property, such as swimming pools, tennis courts and sheds.

The grants are available from 4th June 2020 to 31st December 2020 and construction must start within three months of the contract date.

For further details including examples and how to apply please see the HomeBuilder Fact Sheet.

Kimberley Butler

Cadet Accountant

Recent Posts

Need help with maximising your business deductions? There are many expenses common to most small businesses, and there are other expenses that are specific to the nature of the goods or services the business provides.

Although your tax return is not due for a few months yet, the end of the financial year is near. Are you making the most of allowable tax deductions?