Example 47A : One spouse owns main residence, joint purchase of new main residence but the transaction does not meet the conditions of the amended legislation
Rebecca and Owen live together in their main residence which is owned in the sole name of Rebecca. They cannot sell their previous main residence before they purchase their new main residence so at the effective date they own or are deemed to own one or more dwellings and ADS applies. The previous main residence is sold 3 months later and they wish to claim a repayment of the ADS already paid. As they entered in to the contract to purchase their new main residence on 20 May 2017 and the transaction completed on 28 June 2017 (i.e. before 30 June 2017) the transaction does not meet the conditions of the amendment to the ADS Legislation and they cannot claim a repayment.
If their transaction completed on 2 July 2017 they can claim a repayment of the ADS already paid as their transaction meets the conditions as the contract was entered into on or after 20 May 2017 and the effective date of the transaction was after 30 June 2017.