Jimmy Clyne of Clyne Partners chatted with Andrew Hewitt from the Reece Group about the $688 million HomeBuilder package announced yesterday (4 June).
Listen here for insights on the criteria and eligibility. Read the highlights below.
To be eligible
Besides being over 18 years old and having Australian citizenship, there are a few other criteria you have to meet to receive the grant.
Income testing (based on your 2018-2019 tax filings or later)
- For a single person, you must not earn more than $125,000.
- For a couple, the household income cannot exceed $200,000.
Type of property
- It must be an owner-occupied home, meaning the grant cannot be used toward an investment property.
- Construction on the home must start within 3 months of the contract date.
- For new builds, the home and land value is capped at $750,000.
- For renovations, the contract must be valued between $150,000 and $750,000 or the total value cannot exceed $1.5 million.
What can you do as a tradie?
- Be knowledgeable about how your customer can use the grant.
- Help your customer engage with you while building any contracts.
- Reach out to your accountant or financial advisor for broader advice.
What else you need to know
- Tradies must be licensed.
- The funds are granted from state-based revenue offices and can be complementary to other existing first-time homeowner grants and other stimulus packages.
Read more about the BuildingWorks announcement.
Get more tax tips from our finance expert Jimmy from Clyde Partners this Friday, 5 June at Friday Knock Off.