The Australian government has announced a new program to generate employment in the residential construction industry.

HomeBuilder is a time-limited, tax-free grant program that provides eligible owner-occupiers with a grant of $25,000 to build a new home or substantially renovate an existing home. The contract must be signed between 4 June 2020 and 31 December 2020 and construction must commence within three months of the contract date.

The HomeBuilder program has been developed to assist Australia’s residential construction market by encouraging the commencement of new home builds and renovations this year.

This government is expecting that $680 million will be needed to fund this initiative. For more information check out the HomeBuilder Fact Sheet or visit treasury.gov.au/coronavirus/homebuilder

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The above information is a brief summary only and does not take into account your personal needs and is not a substitute for independent professional advice. We strongly recommend that you speak to your accountant as they will be able to provide you the most suitable advice for your individual circumstance and to ensure that you are also always receiving the most up to date information.