Schedule 2C Flood-prone housing scheme
(Section 45AB)
This scheme is intended to assist a person who, as an owner of a home on flood-prone land, has entered into a contract for the sale of the land to the council of the local government area in which the land is situated and then purchases another home. The scheme enables such a person to choose to pay stamp duty on the contract for the purchase of the new home by instalments over a period of 5 years (instead of at the time of purchase).
Contracts executed on or after 1 January 1989 are eligible for consideration under the scheme.
A person may apply under the scheme if:(a) the person was the owner of at least 50 per cent of the beneficial interest in the land sold or being sold to the council, and(b) the person has entered into a contract for the purchase of a home intended to be occupied as the person’s principal place of residence.
The contract for the purchase of the new home is eligible for consideration under the scheme if the amount paid for the home is the full market value. Wholly or partially gifted property is not eligible.
Clauses 7 and 9–15 of Part 1 of Schedule 2A apply to this scheme in the same way as they apply to the First Home Purchase Scheme.
In this Schedule:contract means an agreement for sale or conveyance or a conveyance.
home means a private dwelling and includes a farming property on which a private dwelling is erected.