02 Dec

HomeBuilder Grant Extension

Posted at 13:12h in Blog by taxopia

Program now extended till end March 2021

On 29 November 2020, the Federal Government announced an extension to the HomeBuilder program to now end on 31 March 2021, but at a lower rate. The program, which provided eligible new home or renovation builds with a $25,000 grant was due to expire at the end of December 2020. From the new year till the end of March, the Grant will still be available for contracts signed between this period, but at a lower rate of $15,000.

Another critical update to the program is that applicants will be given more time to commence construction and price caps in NSW and VIC will be increased from $750,000 to $950,000 and $850,000, respectively.

As of 20 November, the Government received an impressive total of 23,877 applications for this HomeBuilder program and this extension will help to keep the momentum up for the building industry to support Australia’s economic recovery.

SUMMARY OF CHANGES

HomeBuilder program criteria	Contracts signed between 4 June and 31 December 2020 (inclusive)	Contracts signed between 1 January and 31 March 2021 (inclusive)
Grant amount (new builds and substantial renovations)	$25,000	$15,000
Construction commencement timeframe	Construction must commence within six months of the contract being signed.
New build price cap	Property value cannot exceed $750,000	Property value cannot exceed: • $950,000 in NSW; • $850,000 in Victoria; or • $750,000 in all other States and Territories.
Substantial renovation price cap	The value of the property cannot exceed $1.5 million (pre renovation).
Application deadline	Applications must be submitted to the relevant State Revenue Office by 14 April 2021.
Licensing requirements for builders/developers	• Where an eligible contract is signed on or after the 29 November 2020, the builder or developer must have a valid licence or registration before 29 November 2020. • Where an eligible contract is signed before 29 November 2020, the builder or developer must have a valid licence or registration before 4 June 2020.
Other eligibility criteria	Existing program eligibility criteria remains.

For more information, click here: https://treasury.gov.au/coronavirus/homebuilder

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Excludes year-end adjustment entries to match your bookkeeping figures to the financial statements for all record-keeping software other than Xero
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Excludes businesses with turnovers of more than $3 million per year
Excludes Capital Gains Tax events
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Excludes Companies who have Director(s) or Shareholder(s) loans owing to the company. (Division 7a)
Excludes fixing bookkeeping errors
Excludes fixing GST errors
Excludes asset finance schedule reconciliations above 4 (i.e.up to 4 asset finance schedules are included)
Excludes year-end adjustment entries to match your bookkeeping figures to the financial statements for all record-keeping software other than Xero.
Excludes Accountant & Manager support for other unrelated tax years. This support, regarding the tax minimisation and tax position, is only available for the relevant tax year(s) that service is being provided for.

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

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* Standard Package pricing conditions, please take note the standard pricing excludes the following items; however, these services can be provided for an additional cost.

Excludes businesses with turnovers of more than $1 million per year.
Excludes Capital Gains Tax events.
Excludes share trading activities
Excludes Companies who have Director(s) or Shareholder(s) loans owing to the company. (Division 7a)
Excludes fixing bookkeeping errors
Excludes fixing GST errors
Excludes asset finance schedule reconciliations above 2. (i.e. up to 2 asset finance schedules are included)
Excludes Accountant Tax Adviser support for other unrelated tax years. This support, regarding the tax minimisation and tax position, is only available for the relevant tax year(s) that service is being provided for.
Excludes Accountant Tax Adviser support for other unrelated tax years. This support, regarding the tax minimisation and tax position, is only available for the relevant tax year(s) that service is being provided for.

If any of these exclusions apply to your businesses, please contact us, and we would be happy to provide you with a customised quote for any additional work.

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* CONDITIONS to our Basic Tax Reporting Package for Company or Trust Tax Return ($400+ GST), excludes the following items:

Excludes Capital Gains Tax events.
Excludes Companies or Trusts who hold property or share portfolios.
Excludes Companies who have Director(s) or Shareholder(s) loans owing to the company. (Division 7a)
Excludes Companies or Trusts who has carry forward losses in excess of $100,000.
Excludes us preparing depreciation schedules and calculation.
Under this package, we do not accept summarised excel spreadsheets, unless your company turnover is below $30,000 per year. Financial data must come from an Accounting platform where either you can grant us access to generate the reports from, or you create the reports yourself and send them through to us.

If you do not qualify for this option, you will need to consider our Standard Tax Reporting Company or Trust Tax Return ($800+ GST) option.

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