As a Licensed Conveyancer at a Law Firm, I deal with many
clients, from first home buyers to investors and businesses. The
State Revenue Legislation Act effects a large portion of my clients
and determines what they can do, the grant amounts they will
receive and the tax they need to pay. So when The NSW Office of
State Revenue or OSR, announced changes to the act with The State
Revenue Amendment Act 2016, I realised many of my clients would be
unaware or confused by the changes. So for those people or
businesses undertaking a transaction with the OSR, and to help you
understand the changes, I have summarised the changes to the act
below.
The changes include:
- To be classified as a "Substantially renovated home"
for the purpose of the First Home Owner Grant and First Home New
Home Exemption or Concession from Duty, the home must now be
created by renovations that remove or replace all, or substantially
all of the building.
