Hi ATO Community,
My wife and I are both Brisbane-based and are looking to buy our first home to live in long-term. We are using the First Home Super Saver Scheme, and have each already submitted our determinations and had the money released to us.
We would love to build our family home, but there are limited available land lots within reasonable reach of the city (we each need to commute to various major hospitals in Brisbane as we are doctors in specialty training). We are exploring the option of buying an older, cheaper house (though probably not "unliveable"), and then doing a knockdown/rebuild, instead of looking for a vacant lot.
From the ATO website:
You must genuinely intend to occupy the property as a home, and demonstrate this by:
- occupying or intending to occupy the property as soon as practicable after purchase
- occupying or intending to occupy the property for at least six of the first 12 months from when it is practicable to occupy it.
I just wanted to confirm whether we are able to use the FHSS money to buy an existing property, then knock it down and rebuild as soon as possible, and then move in to live in it long-term as our home - is this suitable to satisfy the above ATO quote? Or would we be required to move in and live in it for 6 months first before we are allowed to knock it down (which may not be ideal if it is a more run-down property)?
We would love to be able to have knockdown/rebuild as an option to build our family home, so any interpretive advice on this would be greatly appreciated.
Thanks for your help, hope you have had a great Christmas and New Year!
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