Corporations Amendment Regulations 2011 (No. 4) (Cth)

Corporations Amendment Regulations 2011 (No. 4)¹

Select Legislative Instrument 2011 No. 272

I, QUENTIN BRYCE, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Corporations Act 2001.

Dated 7 December 2011

QUENTIN BRYCE

Governor-General

By Her Excellency’s Command

BILL SHORTEN

Assistant Treasurer

Name of Regulations

These Regulations are the Corporations Amendment Regulations 2011 (No. 4).

Commencement

These Regulations commence on the day after they are registered.

Amendment of Corporations Regulations 2001

Schedule 1 amends the Corporations Regulations 2001.

Transitional

(1)The amendment made by Schedule 1 applies in relation to a periodic statement for an FHSA product that is issued on or after the end of the period of 7 months commencing when these Regulations commence.

(2)If the provider of an FHSA product decides to rely on regulation 7.9.74B of the Corporations Regulations 2001, as amended by Schedule 1, for the purposes of issuing a periodic statement for an FHSA product during the period of 7 months mentioned in subregulation (1), the amendment made by Schedule 1 is taken to apply in relation to the periodic statement.

Schedule 1 Amendment

(regulation 3)

[1] Subregulations 7.9.74B (2) and (3)

substitute

(2)For paragraph 1017D (5) (g) of the Act, if the holder of an FHSA product has not acquired a qualifying interest in a dwelling at the time when a periodic statement is to be provided in relation to the FHSA product, the periodic statement must include:

(a)the number of financial years after the end of the reporting period for the statement during which the holder of the product must make personal FHSA contributions as required by the First Home Saver Accounts Act 2008 before payment may be made out of the FHSA product under section 32 of that Act; or

(b)if the number of financial years is 0 — a statement that the holder may, subject to the First Home Saver Accounts Act 2008, apply for payment out of the FHSA product to acquire a qualifying interest in a dwelling under that Act.

(3)For paragraph 1017D (5) (g) of the Act, if the holder of an FHSA product has acquired a qualifying interest in a dwelling at the time when a periodic statement is to be provided in relation to the FHSA product, the periodic statement must include the number of financial years after the end of the reporting period during which the holder of the FHSA product will be taken to be making personal FHSA contributions under the First Home Saver Accounts Act 2008.

Note

All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See