First Home Saver Accounts Act 2008 (Cth)
This is a compilation of the
This compilation was prepared on 24 June 2014.
The notes at the end of this compilation
(the
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.
If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.
If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.
Contents
This Act may be cited as the
First Home Saver Accounts Act 2008 .
This Act commences on the day after it receives the Royal Assent.
(1) The Commissioner has the general administration of the following provisions of this Act:
(a) Part 3;
(b) Part 4;
(c) Part 5 (other than Subdivision B of Division 4);
(d) Part 6.
Note: An effect of this subsection is that people who acquire information under the specified provisions are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the
Taxation Administration Act 1953 .(2) APRA has the general administration of the following provisions of this Act:
(a) Subdivision B of Division 4 of Part 5;
(b) Part 7 (subject to subsection (3)).
(3) ASIC has the general administration of the following provisions of this Act:
(a) Division 2 of Part 7, to the extent that section 6 of the
Superannuation Industry (Supervision) Act 1993 (as that section applies under subsection 114(2) of this Act) confers powers and duties on ASIC;(b) Part 4A.
This Act applies in relation to an FHSA despite any provision in the terms and conditions of the FHSA, including any provision that purports to substitute, or has the effect of substituting, the provisions of the law of a State or Territory or of a foreign country for all or any of the provisions of this Act.
This Act extends to every external Territory.
(1) This Act binds the Crown in each of its capacities.
(2) This Act does not make the Crown liable to be prosecuted for an offence.
The following is a simplified outline of this Act:
• This Act provides for first home saver accounts, or FHSAs, to be offered by certain financial institutions.
• It deals with who is eligible to hold an FHSA, limits on contributions to FHSAs and when payments can be made from an FHSA.
• Provision is made for an annual Government contribution to be paid to an FHSA if certain conditions are met.
• Payments from FHSAs are subject to conditions under this Act, such as a requirement to use a payment towards the purchase of a first home.
• Failure to comply with the payment conditions can make a person liable to FHSA misuse tax under the
Income Tax Assessment Act 1997 . The tax may also apply if the person holds an FHSA while ineligible to do so.• This Act also provides for the approval of entities that can offer FHSAs (other than ADIs and life insurance companies) and for the supervision of the FHSA business of those entities.
• The general prudential supervision of ADIs and life insurance companies that offer FHSAs is not dealt with in this Act, but is dealt with instead under the
Banking Act 1959 and theLife Insurance Act 1995 .
• FHSAs are also subject to concessional treatment in respect of income tax and social security benefits. This treatment is similar to that of superannuation. It is not dealt with in this Act, but is dealt with instead under the
Income Tax Assessment Act 1997 , theSocial Security Act 1991 and theVeterans’ Entitlements Act 1986 .
An individual’s account, life policy or beneficial interest in a trust is an
FHSA (short for first home saver account) if:
(a) it is described as an FHSA; and
(b) it is opened or issued on or after 1 October 2008 (or a later day (if any) specified in the regulations); and
(c) it is:
(i) an account to which an ADI accepts, or has accepted, contributions; or
(ii) a life policy issued by a life insurance company; or
(iii) a beneficial interest in a trust constituted by a deed, the trustee of which holds an authorisation as an FHSA provider.
(1) A person
holds an FHSA if:
(a) for an FHSA that is an account—the account is opened solely in the person’s name; or
(b) for an FHSA that is a life policy—the person is the sole owner of the life policy; or
(c) for an FHSA that is a beneficial interest in a trust—the person is the sole holder of the interest.
(2) A person who holds an FHSA is an
FHSA holder .
(1) An entity
provides an FHSA if:
(a) for an FHSA that is an account—the entity is the ADI that accepts, or has accepted, contributions to the account; or
(b) for an FHSA that is a life policy—the entity is the life insurance company that provides the policy; or
(c) for an FHSA that is a beneficial interest in a trust—the entity is the trustee of the trust.
(2) An entity that provides an FHSA is an
FHSA provider .
(1) A contribution to an FHSA or other payment by the Commissioner that is payable under Part 4 of this Act for a person is a
Government FHSA contribution of the person.(2) A contribution that a person makes, or that is made for the benefit of the person, to an FHSA held by the person is a
personal FHSA contribution of the person (unless the contribution is a Government FHSA contribution of the person).(3) However, a contribution to an FHSA held by a person is not a
personal FHSA contribution of the person if:
(a) the contribution is by way of transfer to the FHSA from another FHSA held by the person; or
(b) the contribution is made because of a family law obligation; or
(c) the following conditions are satisfied:
(i) an FHSA home acquisition payment was previously made from an FHSA held by the person;
(ii) the payment satisfies the FHSA payment conditions because of subsection 17(3);
(iii) the contribution to the FHSA is by way of a recontribution of all or part of the FHSA home acquisition payment; or
(d) the payment is repaid from the FHSA in accordance with:
(i) subsection 25(2), 26(2) or 27(2); or
(ii) subsection 992A(4) (unsolicited offer of financial product), section 1016F (defective product disclosure document) or section 1019B (cooling‑off period) of the
Corporations Act 2001 ; or(e) the contribution is of a kind mentioned in subparagraph 51C(2)(b)(i) (recontribution of unclaimed money).
(1) A person holds a
qualifying interest in a dwelling if the person is the legal owner of the dwelling (whether alone or together with others).(2) Without limiting the scope of subsection (1), a person holds a
qualifying interest in a dwelling if:
(a) the person is a lessee or licensee (whether alone or together with others) under a lease or licence that gives the person reasonable security of tenure over the dwelling; and
(b) in the case of a lease—the lease is a Crown lease (within the meaning of the
Income Tax Assessment Act 1997 ); and(c) in the case of a licence—the licence was granted by the Commonwealth, a State or a Territory.
(3) Without limiting the scope of subsection (1), a person holds a
qualifying interest in a dwelling if:
(a) the person holds an equity of redemption in respect of the dwelling; or
(b) where the dwelling is a flat or home unit—the person is the legal owner of a share that:
(i) is in a company that is the legal owner of the land on which the flat or home unit is erected; and
(ii) gives the person a right to occupy the flat or home unit; or
(c) where the dwelling is in an aged care facility or retirement village—the person holds a right for him or her to occupy the dwelling.
(4) A person also holds a
qualifying interest in a dwelling if circumstances exist as specified in regulations made for the purposes of this subsection.(5) Despite anything else in the section, a person does not hold a
qualifying interest in a dwelling if:
(a) the dwelling is not fixed to land; or
(b) circumstances exist as specified in regulations made for the purposes of this paragraph.
(6) A person
acquires a qualifying interest in a dwelling when he or she starts to hold a qualifying interest in the dwelling.
(1) Subject to this section, a reference in this Act to a person’s
main residence has its ordinary meaning.(2) The regulations may specify circumstances in which a dwelling is a person’s
main residence for the purposes of this Act.(3) The regulations may specify circumstances in which a dwelling is not a person’s
main residence for the purposes of this Act.
A payment from an FHSA is an
FHSA home acquisition payment if the FHSA provider must make the payment under section 32 (payments for the purposes of acquiring a qualifying interest in a dwelling).
When person meets the FHSA eligibility requirements
(1) A person meets the
FHSA eligibility requirements if:
(a) the person is an individual; and
(b) the person is aged at least 18 years and under 65 years; and
(c) the person has never held a qualifying interest in a dwelling in Australia or Norfolk Island at a time when the dwelling was the person’s main residence; and
(d) the person has never held an FHSA when the person was aged less than 18 years; and
(e) either:
(i) the person has never held more than one FHSA at a time; or
(ii) the person has held 2 FHSAs at a time, and the balance of one of the FHSAs was transferred to the other FHSA as the initial contribution to the other FHSA; and
(f) either:
(i) the person has never held an FHSA that was closed; or
(ii) the requirement in subsection (2) is met for each FHSA that the person has held that was closed; and
(g) the person meets the requirements (if any) specified in the regulations.
Note: If the person has or had an entitlement arise under Division 2AA (Financial claims scheme for account‑holders with insolvent ADIs) of Part II of the
Banking Act 1959 in relation to an FHSA, section 128A of this Act affects this section.
Requirement for each FHSA that was closed
(2) The requirement in this subsection is met for an FHSA if:
(a) the FHSA was closed following an FHSA home acquisition payment that met the FHSA payment conditions in subsection 17(3); or
(b) the FHSA was closed following an FHSA home acquisition payment, and it is still possible for the payment to meet the FHSA payment conditions in subsection 17(3); or
(c) the FHSA was closed as a result of a repayment made in accordance with subsection 992A(4) (unsolicited offer of financial product), section 1016F (defective product disclosure document) or section 1019B (cooling‑off period) of the
Corporations Act 2001 ; or(d) the FHSA was closed following a payment made in accordance with subsection 51B(1) (unclaimed money); or
(e) the FHSA was closed following the transfer of its balance to another FHSA as the initial contribution to the other FHSA.
Disregard requirement that person never held a qualifying interest
(3) Disregard paragraph (1)(c) if:
(a) the person has given a notice under section 20 that contains a statement under paragraph 20(4)(aa) (about the person intending to seek an FHSA mortgage payment); and
(b) the person has not given a revocation of that notice under subsection 20(5).
When acquisition payments are ineligibility payments
(1) A payment from an FHSA held by a person is an
FHSA ineligibility payment if:
(a) the payment is an FHSA home acquisition payment; and
(b) the person did not satisfy the FHSA eligibility requirements when the payment was made.
Note: This Act does not provide for the consequences of the payment being an FHSA ineligibility payment. However, the FHSA holder will be liable for FHSA misuse tax in accordance with Subdivision 345‑C of the
Income Tax Assessment Act 1997 .
When mortgage payments are ineligibility payments
(2) A payment from an FHSA held by a person is an
FHSA ineligibility payment if:
(a) the payment is an FHSA mortgage payment; and
(b) the person did not satisfy the FHSA eligibility requirements when the payment was made.
Note 1: For paragraph (b), the person’s acquisition of a qualifying interest in his or her main residence can be disregarded (see subsection 15(3)).
Note 2: This Act does not provide for the consequences of the payment being an FHSA ineligibility payment. However, the FHSA holder will be liable for FHSA misuse tax in accordance with Subdivision 345‑C of the
Income Tax Assessment Act 1997 .
Payment conditions for FHSA home acquisition payments
(1) An FHSA home acquisition payment satisfies the
FHSA payment conditions if:
(a) no later than 6 months after the payment is made, the person who holds or held the FHSA uses an amount equal to the payment in acquiring a qualifying interest in a dwelling in Australia or Norfolk Island; and
(b) the dwelling is the person’s main residence for a continuous period that:
(i) is at least 6 months long; and
(ii) starts within the period mentioned in subsection (2); and
(c) if the construction of the dwelling is not complete when the payment is made—that construction is complete within a reasonable period after the payment is made.
(2) The period:
(a) starts:
(i) if the construction of the dwelling is not complete when the payment is made—when the construction of the dwelling is complete; or
(ii) otherwise—when the person acquires the qualifying interest in the dwelling; and
(b) ends 12 months after the period starts, or at a later time that the Commissioner considers reasonable in the circumstances.
Note: This Act does not provide for the consequences of a payment failing to satisfy the FHSA payment conditions. However, the FHSA holder will be liable for FHSA misuse tax in accordance with Subdivision 345‑C of the
Income Tax Assessment Act 1997 .(3) An FHSA home acquisition payment also satisfies the
FHSA payment conditions if:
(a) the person who holds or held the FHSA fails to satisfy the conditions in subsection (1); and
(b) that failure is reasonable in the circumstances; and
(c) if it is reasonable to require the person to do so, the person has, as soon as is practicable, contributed to an FHSA held by the person an amount equal to the payment or a lesser amount that is reasonable in the circumstances.
(4) For the purposes of paragraph (3)(b), in determining whether a failure is reasonable, have regard to:
(a) whether the failure to satisfy the conditions in subsection (1) was beyond the person’s control; and
(b) whether that failure was reasonably foreseeable by the person; and
(c) whether any previous FHSA home acquisition payment in respect of the person has failed to satisfy the conditions in subsection (1); and
(d) any other relevant matter.
Note: This Act does not provide for the consequences of a payment failing to satisfy the FHSA payment conditions. However, the FHSA holder will be liable for FHSA misuse tax in accordance with Subdivision 345‑C of the
Income Tax Assessment Act 1997 .
Payment conditions for FHSA mortgage payments
(5) An FHSA mortgage payment satisfies the
FHSA payment conditions for a qualifying interest in a dwelling if:
(a) no later than 28 days after the payment is made, the person who held the FHSA uses an amount equal to the payment in repaying all or part of a loan secured by a genuine mortgage:
(i) over the qualifying interest; and
(ii) for which the person is a mortgagor; and
(b) for a continuous period that is at least 6 months long, and that starts within the period mentioned in subsection (6):
(i) the person holds the qualifying interest; and
(ii) the dwelling is the person’s main residence; and
(c) if the construction of the dwelling is not complete when the payment is made—that construction is complete within a reasonable period after the payment is made.
(6) The period:
(a) starts:
(i) if the construction of the dwelling is not complete when the payment is made—when the construction of the dwelling is complete; or
(ii) otherwise—when the payment is made; and
(b) ends 12 months after the period starts, or at a later time that the Commissioner considers reasonable in the circumstances.
Note: This Act does not provide for the consequences of a payment failing to satisfy the FHSA payment conditions. However, the FHSA holder will be liable for FHSA misuse tax in accordance with Subdivision 345‑C of the
Income Tax Assessment Act 1997 .
(1) The balance of an FHSA held by a person is
unclaimed money in relation to the person if:
(a) no contributions have been made to, and no payments (other than a payment of a kind mentioned in paragraph 31(1)(f), (g) or (h)) have been made from, the FHSA for a period of at least:
(i) 3 years; or
(ii) if a greater number of years is specified in the regulations—that greater number of years; and
(b) after the end of that period the FHSA provider has been unable to contact the person after making reasonable efforts.
(2) Subsection (1) has effect subject to subsections (3) and (4).
(3) The regulations may provide that the balance of a specified FHSA held by a person is
unclaimed money in relation to the person if, and only if, the conditions specified in the regulations are satisfied.Note: For specification by class, see subsection 13(3) of the
Legislative Instruments Act 2003 .(4) Subsection (1) does not apply to an FHSA specified in the regulations.
Note: For specification by class, see subsection 13(3) of the
Legislative Instruments Act 2003 .
In this Act:
ABN (short for Australian Business Number)has the meaning given by section 41 of theA New Tax System (Australian Business Number) Act 1999 .
account balance cap has the meaning given by section 29.
acquire : a personacquires a qualifying interest in a dwelling in the circumstances mentioned in subsection 12(6).
ADI (short for authorised deposit‑taking institution) means a body corporate that is an ADI for the purposes of theBanking Act 1959 .
approved form means a form approved by the Regulator, in writing, for the purposes of the provision in which the expression appears.
APRA means the Australian Prudential Regulation Authority.
arm’s length has the same meaning as in theIncome Tax Assessment Act 1997 .
ASIC means the Australian Securities and Investments Commission.
associate has the same meaning as in theIncome Tax Assessment Act 1997 .
authorisation as an FHSA provider means an authorisation granted under section 92.
authorised person means a person appointed as an authorised person under section 80.
base interest rate for a day has the same meaning as in section 8AAD of theTaxation Administration Act 1953 .
breach : an FHSA holder is inbreach of the account balance cap in the circumstances mentioned in section 28.
Commissioner means the Commissioner of Taxation.
complying superannuation plan has the same meaning as in theIncome Tax Assessment Act 1997 .
contribution means a contribution of money, and includes a deposit into an account held at an ADI and a payment of a premium to a life insurance company.
data processing device means any article or material (for example, a disc) from which information is capable of being reproduced with or without the aid of any other article or device.
decision includes a decision not to make a determination under section 41 or 46.
deed includes an instrument having the effect of a deed.
default superannuation plan has the meaning given by section 24.
Deputy Commissioner means a Deputy Commissioner of Taxation.
examinable documents means any documents relevant to the operation of a provision of this Act for which the Commissioner has the general administration, or regulations made for the purposes of such a provision.
family law obligation means:
(a) a court order under the
Family Law Act 1975 ; or(b) a financial agreement made under Part VIIIA of the
Family Law Act 1975 that is binding because of section 90G of that Act; or(c) a Part VIIIAB financial agreement (within the meaning of the
Family Law Act 1975 ) that is binding because of section 90UJ of that Act.
FHSA (short for first home saver account) has the meaning given by section 8.
FHSA eligibility requirements has the meaning given by section 15.
FHSA holder has the meaning given by section 9.
FHSA home acquisition payment has the meaning given by section 14.
FHSA ineligibility payment has the meaning given by section 16.
FHSA mortgage payment means a payment from an FHSA if the FHSA provider must make the payment under section 32A (about a payment for repaying a mortgage if a home is acquired before the qualifying period ends).
FHSA payment conditions :
(a) an FHSA home acquisition payment satisfies the
FHSA payment conditions in the circumstances set out in subsections 17(1) to (4); and(b) an FHSA mortgage payment satisfies the
FHSA payment conditions in the circumstances set out in subsections 17(5) and (6).
FHSA provider has the meaning given by section 10.
FHSA trust means a trust of a kind mentioned in subparagraph 8(c)(iii).
financial services licensee has the meaning given by Chapter 7 of theCorporations Act 2001 .
financial year has the same meaning as in theIncome Tax Assessment Act 1997 .
function includes duty.
general interest charge means the charge worked out under Part IIA of theTaxation Administration Act 1953 .
genuine mortgage : a mortgage is agenuine mortgage if:
(a) when entering into the mortgage, the mortgagors and mortgagees deal with each other at arm’s length; and
(b) none of the mortgagors is an associate of any of the mortgagees.
Government FHSA contribution has the meaning given by section 11.
Government FHSA contribution threshold has the meaning given by section 39.
hold :
(a) a person
holds an FHSA in the circumstances mentioned in section 9; and(b) a person
holds a qualifying interest in a dwelling in the circumstances mentioned in section 12.
inactive : an FHSA isinactive in the circumstances mentioned in section 23.
income tax return means:
(a) a return under section 161, 162 or 163 of the
Income Tax Assessment Act 1936 ; or(b) a return by the trustee of a deceased person’s estate under Subdivision 260‑E of Schedule 1 to the
Taxation Administration Act 1953 .
income year has the same meaning as in theIncome Tax Assessment Act 1997 .
indexation factor has the meaning given by subsections 30(3) and 40(3).
index number has the meaning given by subsections 30(5) and 40(5).
legal personal representative has the same meaning as in theIncome Tax Assessment Act 1997 .
life insurance company means a company registered under section 21 of theLife Insurance Act 1995 .
life policy has the same meaning as in theLife Insurance Act 1995 .
main residence has the meaning given by section 13.
overpaid amount has the meaning given by subsection 50(2).
owner , in relation to a policy, has the same meaning as in theLife Insurance Act 1995 .
person affected by a reviewable decision , in relation to a reviewable decision, means the person in relation to which the decision was made.
personal FHSA contribution has the meaning given by section 11.
policy has the same meaning as in theLife Insurance Act 1995 .
produce includes permit access to.
provides has the meaning given by section 10.
Prudential Standards has the meaning given by subsection 121(1).
public offer entity has the same meaning as in theSuperannuation Industry (Supervision) Act 1993 .
qualifying interest in a dwelling has the meaning given by section 12.
quarter has the same meaning as in theIncome Tax Assessment Act 1997 .
Regulator means:
(a) APRA, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; or
(b) ASIC, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC; or
(c) the Commissioner, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by the Commissioner.
reporting period has the same meaning as in subsection 1017D(2) of theCorporations Act 2001 .
responsible officer has the same meaning as in theSuperannuation Industry (Supervision) Act 1993 .
reviewable decision has the meaning given by section 74.
RSE licence has the same meaning as in theSuperannuation Industry (Supervision) Act 1993 .
RSE licensee has the same meaning as in theSuperannuation Industry (Supervision) Act 1993 .
Second Commissioner means a Second Commissioner of Taxation.
spouse has the same meaning as in theSuperannuation Industry (Supervision) Act 1993 .
Superannuation Acts means:
(a) the
Retirement Savings Accounts Act 1997 ; and(b) the
Superannuation Industry (Supervision) Act 1993 ; and(c) the
Superannuation Contributions Tax (Assessment and Collection) Act 1997 ; and(d) the
Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ; and(e) the
Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and(f) the
Termination Payments Tax (Assessment and Collection) Act 1997 .
superannuation interest has the same meaning as in theIncome Tax Assessment Act 1997 .
superannuation provider has the same meaning as in theIncome Tax Assessment Act 1997 .
taxation law has the same meaning as in theIncome Tax Assessment Act 1997 .
tax file number has the meaning given by section 202A of theIncome Tax Assessment Act 1936 .
unclaimed money has the meaning given by section 17A.
underpaid amount has the meaning given by subsection 46(2).
(1) An FHSA provider must not open or issue an FHSA for a person unless:
(a) the person has given the provider an application in the approved form; and
(b) the application states that:
(i) the person meets the FHSA eligibility requirements; and
(ii) if the person already holds an FHSA—the person will ensure that the balance of the FHSA will be transferred to the FHSA to be opened or issued; and
(iii) if the person held an FHSA that was closed, and nevertheless meets the FHSA eligibility requirements because of paragraph 15(2)(b)—the initial contribution to the FHSA to be opened or issued will be made in accordance with paragraph 17(3)(c); and
(iv) if the person held an FHSA that was closed, and nevertheless meets the FHSA eligibility requirements because of paragraph 15(2)(d)—the initial contribution to the FHSA to be opened or issued will be made in accordance with subparagraph 51C(2)(b)(i); and
(v) if the person already holds an FHSA that is inactive only because of paragraph 23(1)(c) or (e)—the FHSA to be opened or issued will be inactive because of paragraph 23(1)(e); and
(c) the person has quoted his or her tax file number to the provider in connection with the operation of this Act and the Superannuation Acts.
Note 1: For paragraph (b), the person may still satisfy the FHSA eligibility requirements even though the person has acquired a qualifying interest in his or her main residence (see subsection 15(3)).
Note 2: Making a false statement in the application may constitute an offence: see subsection 8J(9) and sections 8K and 8N of the
Taxation Administration Act 1953 .
Offence
(2) A person commits an offence if the person contravenes subsection (1).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(3) A contravention of subsection (1) does not affect the validity of a transaction.
Note: Section 128A prevents this section from applying to the opening of an FHSA on a person’s behalf by APRA or a liquidator under Division 2AA (Financial claims scheme for account‑holders with insolvent ADIs) of Part II of the
Banking Act 1959 .
(1) The holder of an FHSA must give the FHSA provider a notice in the approved form in accordance with this section if circumstances arise resulting in the FHSA holder not satisfying the FHSA eligibility requirements.
Note: Section 286‑75 in Schedule 1 to the
Taxation Administration Act 1953 provides an administrative penalty for a breach of this subsection. A breach of this subsection may also be an offence under section 8C of that Act.(2) The FHSA holder must give the notice within 30 days after the circumstances arise.
(3) However, the FHSA holder need not give the notice if:
(a) the FHSA is closed within 30 days after the circumstances arise; or
(b) the FHSA provider must pay an amount from the FHSA under section 32 (FHSA home acquisition payment) because the FHSA holder requests the FHSA provider within 30 days after the circumstances arise to do so.
(4) The notice must contain:
(a) if the FHSA holder is aged 60 or over and wants the balance of the FHSA paid to him or her—a statement to that effect; or
(aa) if:
(i) the FHSA holder does not satisfy the FHSA eligibility requirements only because of paragraph 15(1)(c) (about never holding a qualifying interest); and
(ii) the FHSA holder wants the FHSA to remain open until an FHSA mortgage payment can be paid;
a statement to that effect; or
(b) otherwise—an authority for the FHSA provider to contribute the balance of the FHSA to a superannuation interest of the FHSA holder in a complying superannuation plan.
(5) The FHSA holder may give the FHSA provider a written revocation of the notice if:
(a) if the notice contains a statement under paragraph (4)(a) or an authority under paragraph (4)(b)—the FHSA holder becomes satisfied that he or she satisfies the FHSA eligibility requirements; and
(aa) if the notice contains a statement under paragraph (4)(aa)—the FHSA holder becomes satisfied that he or she satisfies paragraph 15(1)(c); and
(b) 30 days have not yet elapsed since the FHSA holder gave the FHSA provider the notice; and
(c) the FHSA has not yet been closed in accordance with paragraph 22(2)(b).
Note: Section 128A extends the operation of this section in relation to an FHSA opened on a person’s behalf by APRA or a liquidator under Division 2AA (Financial claims scheme for account‑holders with insolvent ADIs) of Part II of the
Banking Act 1959 .
(1) The Commissioner must give the provider of an FHSA a notice in accordance with this section if the Commissioner has reason to believe that the FHSA holder does not satisfy the FHSA eligibility requirements.
Note 1: The Commissioner may give the provider a notice under subsection 67(2) if a correct TFN was not quoted for the FHSA holder.
Note 2: The person may still satisfy the FHSA eligibility requirements even though the person has acquired a qualifying interest in his or her main residence (see subsection 15(3)).
(2) If the Commissioner gives a notice under subsection (1), the Commissioner must give a copy of the notice to the FHSA holder.
(3) The notice must describe the operation of the following provisions that results from the notice being given:
(a) section 22 (requirement to close inactive FHSA);
(aa) if the FHSA holder does not satisfy the FHSA eligibility requirements only because of paragraph 15(1)(c) (about never holding a qualifying interest)—subparagraph 23(1)(b)(iii) (about holder needing to notify provider if wants FHSA to remain open until an FHSA mortgage payment can be paid);
(b) section 26 (limit on contributions to inactive FHSA);
(c) sections 32 and 35 (limit on payments from FHSA).
(4) The Commissioner must give the FHSA provider a written revocation of the notice if:
(a) if paragraph (3)(aa) applies to the notice—the Commissioner becomes satisfied that the FHSA holder satisfies paragraph 15(1)(c); and
(aa) if paragraph (3)(aa) does not apply to the notice—the Commissioner becomes satisfied that the FHSA holder satisfies the FHSA eligibility requirements; and
(b) 30 days have not yet elapsed since the Commissioner gave the FHSA provider the notice; and
(c) the FHSA has not yet been closed in accordance with paragraph 22(2)(b).
(5) If the Commissioner gives a revocation under subsection (4), the Commissioner must give a copy of it to the FHSA holder.
(1) This section applies if:
(a) an FHSA becomes inactive under paragraph 23(1)(a) or (b), and the FHSA provider has not received a revocation of the notice mentioned in that paragraph before the 30th day (the
trigger day ) after the FHSA provider received the notice; or(b) an FHSA becomes inactive under subsection 23(2), (3) or (4) on a particular day (also the
trigger day ); or(c) the provider of an FHSA makes an FHSA mortgage payment from the FHSA on a particular day (also the
trigger day ), and the balance of the FHSA immediately after the payment is more than nil.(2) The FHSA provider must, within 14 days after the trigger day:
(a) pay the entire balance of the FHSA to:
(i) if the FHSA holder is aged 60 or over and has given the FHSA provider a statement that he or she wants the balance of the FHSA to be paid to him or her—the FHSA holder; or
(ii) otherwise—the superannuation interest mentioned in subsection (3); and
(b) close the FHSA.
Note: If the FHSA holder becomes bankrupt, this section does not prevent a payment from the FHSA that is property divisible amongst the holder’s creditors (see section 128).
(3) The superannuation interest is:
(a) if, for the purposes this paragraph, the FHSA holder has notified the FHSA provider in writing of a particular superannuation interest of the holder in a complying superannuation plan—that superannuation interest; or
(b) otherwise—to a superannuation interest for the benefit of the FHSA holder in the FHSA provider’s default superannuation plan (see section 24).
Offence
(4) A person commits an offence if the person contravenes subsection (2).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(5) A contravention of subsection (2) does not affect the validity of a transaction.
(1) An FHSA is
inactive if:
(a) the FHSA provider receives a notice from the FHSA holder under subsection 20(1) that contains:
(i) a statement under paragraph 20(4)(a); or
(ii) an authority under paragraph 20(4)(b);
(and does not receive a revocation of that notice under subsection 20(5)); or
(b) all of the following subparagraphs apply:
(i) the FHSA provider receives a notice from the Commissioner under subsection 21(1);
(ii) the FHSA provider does not receive a revocation of that notice under subsection 21(4);
(iii) within 30 days after receiving that notice, the FHSA provider does not receive a notice from the FHSA holder under subsection 20(1) that contains a statement under paragraph 20(4)(aa); or
(c) the FHSA provider receives a notice from the FHSA holder under subsection 20(1) that contains a statement under paragraph 20(4)(aa) (and does not receive a revocation of that notice under subsection 20(5)); or
(d) the FHSA provider receives a notice from the Commissioner under subsection 67(2) (and does not receive a revocation of that notice); or
(e) the FHSA is opened or issued in response to an application to which subparagraph 19(1)(b)(ii) applies, where the other FHSA referred to in that subparagraph was inactive only because of:
(i) paragraph (c) of this subsection; or
(ii) an earlier application of this paragraph.
Note: Paragraph (a) or (b) applies if the FHSA holder does not satisfy the FHSA eligibility requirements. However, neither paragraph need apply if the only one of those requirements not satisfied is the one about never holding an interest in a main residence. In that case, the FHSA holder can cause paragraph (c) to apply, keeping the FHSA open until an FHSA mortgage payment can be paid.
(2) An FHSA is also
inactive if:
(a) the provider of the FHSA makes a payment from the FHSA; and
(b) the provider must make the payment under:
(i) section 32 (FHSA home acquisition payment); or
(ii) section 33 (FHSA holder aged 60 or over); and
(c) the balance of the FHSA immediately after the payment is more than nil.
(3) An FHSA is also
inactive if the holder of the FHSA is 65 years of age or over.(4) An FHSA is also
inactive if:
(a) the FHSA was opened or issued for a person because he or she made a statement in an application, in accordance with subparagraph 19(1)(b)(ii), that he or she would ensure that the balance of another FHSA held by him or her would be transferred to the FHSA; and
(b) a period of 44 days has elapsed since the FHSA was opened or issued; and
(c) the transfer did not take place within that period.
(5) An FHSA can become inactive under a provision even if it has already become inactive under another provision.
(1) An entity that provides an FHSA or offers to provide an FHSA at a time must have nominated in writing, before that time, a complying superannuation plan to be its
default superannuation plan for the purposes of paragraph 22(3)(b).
Offence
(2) A person commits an offence if the person contravenes subsection (1).
Penalty: 100 penalty units.
(1) The provider of an FHSA must not allow an amount to be contributed to the FHSA if the holder of the account is aged 65 or older.
Note: In these circumstances the Commissioner may be able to pay a Government FHSA contribution directly to the FHSA holder (see section 41).
(2) The FHSA provider does not contravene subsection (1) if the provider repays the amount from the FHSA to the FHSA holder within 30 days after receiving it.
Offence
(3) A person commits an offence if the person contravenes subsection (1).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(4) A contravention of subsection (1) does not affect the validity of a transaction.
(1) The provider of an FHSA must not allow an amount to be contributed to the FHSA if it is inactive.
(2) The FHSA provider does not contravene subsection (1) if:
(a) the provider repays the amount from the FHSA to the FHSA holder within 30 days after receiving it; or
(b) the amount is a Government FHSA contribution; or
(c) the FHSA is inactive only because of paragraph 23(1)(e), and the amount:
(i) was the initial contribution to the FHSA; and
(ii) immediately before being contributed, was the balance of another FHSA.
Offence
(3) A person commits an offence if the person contravenes subsection (1).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(4) A contravention of subsection (1) does not affect the validity of a transaction.
(1) The provider of an FHSA must not allow an amount to be contributed to the FHSA at a time if:
(a) either:
(i) the FHSA holder is in breach of the account balance cap at the time the amount is to be paid; or
(ii) the FHSA holder would be in breach of the account balance cap at that time if the amount were paid; and
(b) the contribution would not be:
(i) a Government FHSA contribution; or
(ii) a contribution mentioned in paragraph 11(3)(a) (transfer to the FHSA from another FHSA held by the FHSA holder); or
(iii) a contribution mentioned in paragraph 11(3)(c) (recontribution of FHSA home acquisition payment after failure to occupy a dwelling); or
(iv) a contribution mentioned in subparagraph 51C(2)(b)(i) (recontribution of unclaimed money).
Note: This subsection does not prevent the FHSA provider from allowing part of a sum paid to it to be contributed to the FHSA.
(2) The FHSA provider (the
first provider ) does not contravene subsection (1) if:
(a) in the case of a transfer made by another FHSA provider (the
second provider ) in the circumstances mentioned in subparagraph 31(1)(c)(ii) (transfer because of a family law obligation)—the first provider repays the amount from the FHSA to the second provider within 30 days after receiving it; or(b) in any other case—the first provider repays the amount from the FHSA to the FHSA holder within 30 days after receiving it.
Offence
(3) A person commits an offence if the person contravenes subsection (1).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(4) A contravention of subsection (1) does not affect the validity of a transaction.
(1) If the balance of an FHSA at a time exceeds the account balance cap for the financial year in which that time occurs, the person who holds the FHSA is in breach of the account balance cap:
(a) at that time; and
(b) at all later times (subject to this section).
Note: The FHSA holder is in breach of the account balance cap at a later time even if the balance of his or her FHSA falls short of the account balance cap for the financial year in which that later time occurs.
(2) However, the person is not in breach of the account balance cap during the period mentioned in subsection (3) if:
(a) the person applies to open or be issued with an FHSA; and
(b) the initial contribution to the FHSA to be opened or issued will be made in accordance with paragraph 17(3)(c).
(3) The period:
(a) starts when the FHSA mentioned in paragraph (2)(a) is opened or issued; and
(b) ends at the first time when the balance of that FHSA (or any other FHSA later held by the person) exceeds the account balance cap for the financial year in which that time occurs.
(4) The person is also not in breach of the account balance cap during the period mentioned in subsection (5) if:
(a) a payment of a kind mentioned in paragraph 31(1)(c) (payments because of a family law obligation) is made from an FHSA held by the person; and
(b) the balance of that FHSA immediately after the payment is less than the account balance cap for the financial year in which the payment is made.
(5) The period:
(a) starts when the payment is made; and
(b) ends at the first time when the balance of that FHSA (or any other FHSA later held by the person) exceeds the account balance cap for the financial year in which that time occurs.
The
account balance cap for the 2008‑09 financial year is $75,000. This amount is indexed annually.Note: Section 30 shows how to index this cap. However, the cap only moves by increments of $5,000.
(1) The amount of the account balance cap is indexed annually by:
(a) multiplying the amount for the 2008‑09 financial year by its indexation factor; and
(b) rounding the result in paragraph (a) down to the nearest multiple of $5,000.
(2) The account balance cap is not indexed if its indexation factor is 1 or less.
(3) The
indexation factor is:(4) The indexation factor mentioned in subsection (3) is calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
(5) The
index number for a quarter is the estimate of full‑time adult average weekly ordinary time earnings for the middle month of the quarter first published by the Australian Statistician for that month.
(1) The provider of an FHSA must not make a payment from the FHSA unless:
(a) the provider must make the payment under:
(i) section 32 (FHSA home acquisition payment); or
(ia) section 32A (FHSA mortgage payment); or
(ii) section 33 (FHSA holder aged 60 or over); or
(b) the provider must make the payment under:
(i) subsection 22(2) (compulsory contribution of balance of inactive FHSA to superannuation etc.); or
(ii) section 34 (voluntary contribution of balance of FHSA to superannuation); or
(iii) section 35 (voluntary transfer of balance of FHSA to another FHSA); or
(iv) subsection 51B(1) (compulsory payment of unclaimed money); or
(c) the payment is made because a family law obligation requires it to be made:
(i) by way of a contribution to a superannuation interest of the FHSA holder’s spouse or former spouse in a complying superannuation plan; or
(ii) by way of transfer to an FHSA held by the FHSA holder’s spouse or former spouse; or
(iii) to the FHSA holder’s spouse or former spouse, if the spouse or former spouse is aged 60 or over; or
(d) the payment is a repayment made in accordance with subsection 25(2), 26(2) or 27(2); or
(da) the FHSA holder has given a declaration, in the approved form, to the FHSA provider stating that he or she has never held another FHSA and that the payment is a repayment made in accordance with:
(i) subsection 992A(4) of the
Corporations Act 2001 (unsolicited offer of financial product); or(ii) section 1016F of that Act (defective product disclosure document); or
(iii) section 1019B of that Act (cooling‑off period); or
(e) the FHSA holder is deceased; or
(f) the payment is of an amount of fees owing to the FHSA provider for providing the FHSA; or
(g) the payment is of an amount owing to the Commonwealth in respect of overpayments of Government FHSA contributions; or
(h) the payment is to enable the provider to make a payment of an amount of tax.
Note 1: If the FHSA holder becomes bankrupt, this section does not prevent a payment from the FHSA that is property divisible amongst the holder’s creditors (see section 128).
Note 2: If an entitlement under Division 2AA (Financial claims scheme for account‑holders with insolvent ADIs) of Part II of the
Banking Act 1959 arises in connection with the FHSA, this section does not prevent a payment from the FHSA connected with the right to be paid that section 16AI of that Act gives APRA in relation to the FHSA (see section 128A of this Act).
Offence
(2) A person commits an offence if the person contravenes subsection (1).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(3) A contravention of subsection (1) does not affect the validity of a transaction.
(1) This section applies if:
(a) the holder of an FHSA has given the FHSA provider an application in the approved form requesting an amount to be paid from the FHSA; and
(b) the FHSA holder has declared in the application that the payment will satisfy the FHSA payment conditions mentioned in subsection 17(1); and
(c) any of the following requirements are met:
(i) personal FHSA contributions of at least $1,000 per financial year have been made for the FHSA holder in at least 4 financial years (one of which may be the financial year in which the payment is to be made);
(ii) the FHSA holder is in breach of the account balance cap, and has held an FHSA in at least 4 financial years (one of which may be the financial year in which the payment is to be made);
(iii) the FHSA holder has declared in the application that he or she will acquire a qualifying interest in a dwelling together with another FHSA holder in respect of whom the requirement in subparagraph (i) or (ii) is met; and
(d) the provider is satisfied that the requirements (if any) specified in the regulations are met; and
(e) the FHSA is not inactive.
(2) The FHSA provider must pay the amount as requested:
(a) as soon as practicable after the application is made; and
(b) no later than 30 days after the application is made.
Offence
(3) A person commits an offence if the person contravenes subsection (2).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(4) A contravention of subsection (2) does not affect the validity of a transaction.
(1) This section applies if:
(a) the holder of an FHSA acquires at a particular time (the
acquisition time ) a qualifying interest in a dwelling in Australia or Norfolk Island; and(b) before that time, the FHSA holder had never held a qualifying interest in a dwelling in Australia or Norfolk Island at a time when the dwelling was the FHSA holder’s main residence; and
(c) the FHSA holder gives the FHSA provider an application in the approved form requesting an amount to be paid from the FHSA; and
(d) the FHSA holder declares in the application that the payment will satisfy the FHSA payment conditions mentioned in subsection 17(5) for the qualifying interest; and
(e) any of the following requirements are met:
(i) the requirement in subparagraph 32(1)(c)(i) would be met if the FHSA holder were taken to have made a personal FHSA contribution of at least $1,000 for the financial year that includes the acquisition time and for each later financial year;
(ii) the FHSA holder is in breach of the account balance cap, and has held an FHSA in at least 4 financial years (one of which may be the financial year in which the payment is to be made);
(iii) the FHSA holder declares in the application that he or she holds the qualifying interest together with another FHSA holder in respect of whom the requirement in subparagraph 32(1)(c)(i), or in subparagraph (i) or (ii) of this paragraph, is met; and
(f) the provider is satisfied that the requirements (if any) specified in the regulations are met; and
(g) the FHSA is inactive only because of paragraph 23(1)(c) or (e) (about an FHSA remaining open until an FHSA mortgage payment can be paid), and is yet to be closed.
Note 1: The FHSA holder will need to use the payment to repay all or part of a loan secured by a genuine mortgage over the qualifying interest (see subsection 17(5)).
Note 2: Making a false or misleading statement in the application may constitute an offence: see subsection 8J(9) and sections 8K and 8N of the
Taxation Administration Act 1953 .(2) The FHSA provider must pay the amount as requested:
(a) as soon as practicable after the application is made; and
(b) no later than 30 days after the application is made.
Offence
(3) A person commits an offence if the person contravenes subsection (2).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(4) A contravention of subsection (2) does not affect the validity of a transaction.
(1) This section applies if:
(a) the holder of an FHSA has given the FHSA provider an application in the approved form requesting an amount to be paid from the FHSA; and
(b) the FHSA holder is aged 60 or over.
(2) The FHSA provider must pay the amount as requested:
(a) as soon as practicable after the application is made; and
(b) no later than 30 days after the application is made.
Offence
(3) A person commits an offence if the person contravenes subsection (2).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(4) A contravention of subsection (2) does not affect the validity of a transaction.
(1) This section applies if:
(a) an FHSA holder requests the FHSA provider to pay the balance of the FHSA by way of a contribution to a superannuation interest of the FHSA holder in a complying superannuation plan; and
(b) the request is in the approved form; and
(c) either:
(i) the FHSA provider has not received a notice from the Commissioner in accordance with subsection 67(2); or
(ii) if the FHSA provider has received such a notice—the provider has received a revocation of that notice.
(2) The FHSA provider must pay the amount as requested:
(a) as soon as practicable after the application is made; and
(b) no later than 30 days after the application is made.
Offence
(3) A person commits an offence if the person contravenes subsection (2).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(4) A contravention of subsection (2) does not affect the validity of a transaction.
(1) This section applies if:
(a) an FHSA holder requests the FHSA provider to pay the balance of the FHSA (the
first FHSA ) by way of transfer to another FHSA held by the FHSA holder; and(b) the request is in the approved form; and
(c) either:
(i) the first FHSA is not inactive; or
(ii) the first FHSA is inactive only because of paragraph 23(1)(c) or (e) (about an FHSA remaining open until an FHSA mortgage payment can be paid).
(2) The FHSA provider must pay the amount as requested:
(a) as soon as practicable after the application is made; and
(b) no later than 30 days after the application is made.
Note: If the other FHSA is provided by another entity, the FHSA provider must give that entity a statement in accordance with section 391‑10 in Schedule 1 to the
Taxation Administration Act 1953 .
Offence
(3) A person commits an offence if the person contravenes subsection (2).
Penalty: 100 penalty units.
Validity of transaction not affected by contravention
(4) A contravention of subsection (2) does not affect the validity of a transaction.
(1) A Government FHSA contribution is payable under this Act for a person for a financial year if:
(a) the person is an individual; and
(b) one or more personal FHSA contributions are made during the financial year for the person; and
(c) either:
(i) the person has lodged an income tax return for the income year corresponding to the financial year; or
(ii) the person has given a notice in accordance with section 37 for the income year corresponding to the financial year; and
(d) the return or notice (as the case requires) states that the person satisfied the residency requirement in subsection (2) for at least part of the income year corresponding to the financial year; and
(e) the person satisfied the residency requirement in subsection (2) for at least part of the income year corresponding to the financial year.
Note: A person’s acquisition of a qualifying interest in a dwelling after a personal FHSA contribution has been made for the person in that financial year, does not of itself stop a Government FHSA contribution from being payable for the financial year.
(2) The residency requirement is that the person is a resident of Australia for the purposes of the
Income Tax Assessment Act 1936 .
For the purposes of this Part, a person may, in the approved form, notify the Commissioner that:
(a) the person is not required to lodge an income tax return for an income year corresponding to a financial year; and
(b) the person satisfied the residency requirement in subsection 36(2) for at least part of that year.
(1) Work out the amount of a Government FHSA contribution for a person for a financial year in accordance with this section.
(2) First work out the following (the
covered contributions ):
(a) add up the personal FHSA contributions that were made during the financial year for the person; and
(b) if the total exceeds the Government FHSA contribution threshold for that financial year (see section 39)—disregard the excess.
(3) The amount of the Government FHSA contribution is the covered contributions multiplied by 17%.
(4) If (apart from this subsection) the amount of the Government FHSA contribution would be less than $20, the amount of the Government FHSA contribution is increased to $20.
(5) If (apart from this subsection) the amount of the Government FHSA contribution would fall short of a multiple of $1, the amount of the Government FHSA contribution is increased by that shortfall.
The
Government FHSA contribution threshold for the 2008‑09 financial year is $5,000. This amount is indexed annually.Note: Section 40 shows how to index this threshold. However, the threshold only moves by increments of $500.
(1) The amount of the Government FHSA contribution threshold is indexed annually by:
(a) multiplying the amount for the 2008‑09 financial year by its indexation factor; and
(b) rounding the result in paragraph (a) down to the nearest multiple of $500.
(2) The Government FHSA contribution threshold is not indexed if its indexation factor is 1 or less.
(3) The
indexation factor is:(4) The indexation factor mentioned in subsection (3) is calculated to 3 decimal places (rounding up if the fourth decimal place is 5 or more).
(5) The
index number for a quarter is the estimate of full‑time adult average weekly ordinary time earnings for the middle month of the quarter first published by the Australian Statistician for that month.
(1) The Commissioner must determine that a Government FHSA contribution is payable for a person for a financial year if the Commissioner is satisfied that the contribution is payable for the person for the financial year.
(2) In deciding whether to make a determination under this section, the Commissioner may have regard to:
(a) the income tax return lodged for the person, or the notice given in accordance with section 37 for the person, as the case requires, for the income year corresponding to the financial year; and
(b) the statement (relating to personal FHSA contributions) given to the Commissioner under section 391‑5 in Schedule 1 to the
Taxation Administration Act 1953 for the person for the financial year; and(c) any other information held by the Commissioner that is relevant to whether a Government FHSA contribution is payable for the person for the financial year.
(3) If the Commissioner makes a determination under subsection (1), the Commissioner must determine whether the contribution is to be paid:
(a) to an FHSA held by the person; or
(b) to a superannuation interest of the person in a complying superannuation plan; or
(c) to the person; or
(d) to the person’s legal personal representative.
(1) The Commissioner must, in accordance with a determination made under section 41, pay the Government FHSA contribution payable for a person for a financial year on or before the last day (the
payment date ) of the period mentioned in subsection (2).(2) The period:
(a) starts on the later of the following days:
(i) the day on which the income tax return is lodged for the person, or the notice is given in accordance with section 37 for the person, as the case requires, for the income year corresponding to the financial year;
(ii) the day on which the statement (relating to personal FHSA contributions) for the person for the financial year is given to the Commissioner under section 391‑5 in Schedule 1 to the
Taxation Administration Act 1953 ; and(b) ends 60 days later.
(1) If:
(a) a Government FHSA contribution for a person is paid to an FHSA provider or a superannuation provider; and
(b) the provider has not paid the contribution to an FHSA held by the person, or to a superannuation interest of the person in a complying superannuation plan, by the end of the 28th day after the day on which the contribution was paid to the provider;
the provider:
(c) is liable to repay the contribution to the Commonwealth; and
(d) must advise the Commissioner of the repayment, in the approved form, when the contribution is repaid.
Note 1: The liability to repay the contribution is a tax‑related liability: see Part 4‑15 in Schedule 1 to the
Taxation Administration Act 1953 for collection and recovery provisions.Note 2: Section 52 provides for the imposition of general interest charge if the contribution is not repaid within a certain period.
Note 3: Section 286‑75 in Schedule 1 to the
Taxation Administration Act 1953 provides an administrative penalty for breach of paragraph (1)(d). A breach of that paragraph may also be an offence under section 8C of that Act.
(2) The amount is due and payable 7 days after the day on which the provider first becomes liable to repay the contribution.
(1) The amount of the Government FHSA contribution for a person for a financial year is increased by the amount of interest worked out under subsection (2) if the Commissioner pays none of the Government FHSA contribution on or before the payment date for the contribution (see subsection 42(1)).
(2) The interest is to be calculated:
(a) on the amount of the Government FHSA contribution; and
(b) for the period from the payment date for the Government FHSA contribution until the day on which the Commissioner first pays an amount in satisfaction of the Government FHSA contribution; and
(c) on a daily basis; and
(d) at the base interest rate for the day on which the interest is calculated.
(1) If the Commissioner pays a Government FHSA contribution for a person to:
(a) the person; or
(b) the person’s legal personal representative;
the Commissioner must notify the person or the representative of the payment when the contribution is paid.
(2) If the Commissioner pays a Government FHSA contribution for a person to an FHSA provider or superannuation provider, the Commissioner must notify the provider and the person of the contribution when it is paid.
(1) This section applies if the Commissioner:
(a) pays an amount by way of a Government FHSA contribution for a person for a financial year; and
(b) is satisfied that the amount paid is less than the correct amount of the contribution.
(2) The amount by which the correct amount exceeds the amount paid is the
underpaid amount .(3) The Commissioner must determine that the underpaid amount is to be paid for the person for the financial year.
(4) If the Commissioner makes a determination under subsection (3), the Commissioner must determine whether the underpaid amount is to be paid:
(a) to an FHSA held by the person; or
(b) to a superannuation interest of the person in a complying superannuation plan; or
(c) to the person; or
(d) to the person’s legal personal representative.
(5) The Commissioner must, in accordance with determinations made under this section, pay the underpaid amount on or before the last day (the
payment date ) of the period mentioned in subsection (6).(6) The period:
(a) starts on the later of the following days:
(i) the day on which the income tax return is lodged for the person, or the notice is given in accordance with section 37 for the person, as the case requires, for the income year corresponding to the financial year;
(ii) the day on which the statement (relating to personal FHSA contributions) for the person for the financial year is given to the Commissioner under section 391‑5 in Schedule 1 to the
Taxation Administration Act 1953 ; and(b) ends 60 days later.
(1) If:
(a) the underpaid amount for a person is paid to an FHSA provider or a superannuation provider; and
(b) the provider has not paid the underpaid amount to an FHSA held by the person, or to a superannuation interest of the person in a complying superannuation plan, by the end of the 28th day after the day on which the contribution was paid to the provider;
the provider:
(c) is liable to repay the underpaid amount to the Commonwealth; and
(d) must notify the Commissioner of the repayment, in the approved form, at the time when the underpaid amount is repaid.
Note 1: The liability to repay the contribution is a tax‑related liability: see Part 4‑15 in Schedule 1 to the
Taxation Administration Act 1953 for collection and recovery provisions.Note 2: Section 52 provides for the imposition of general interest charge if the contribution is not repaid within a certain period.
Note 3: Section 286‑75 in Schedule 1 to the
Taxation Administration Act 1953 provides an administrative penalty for breach of paragraph (1)(d). A breach of that paragraph may also be an offence under section 8C of that Act.
(2) The amount is due and payable 7 days after the day on which the provider first becomes liable to repay the underpaid amount.
(1) The amount of the Government FHSA contribution for a person for a financial year is increased by the amount of interest worked out under subsection (2) if the Commissioner does not pay the underpaid amount in full on or before the payment date for the underpaid amount (see subsection 46(5)).
(2) The interest is to be calculated:
(a) on the underpaid amount that remains unpaid on the payment date for the underpaid amount; and
(b) for the period from the payment date for the underpaid amount until the day on which the underpaid amount is paid in full; and
(c) on a daily basis; and
(d) at the base interest rate for the day on which the interest is calculated.
The amount of the Government FHSA contribution is increased by the difference between $5 and the underpaid amount if:
(a) the Commissioner makes a determination under subsection 46(3) in relation to an underpaid amount; and
(b) the underpaid amount is less than $5; and
(c) the underpaid amount is to be paid by cheque to:
(i) the person; or
(ii) the person’s legal personal representative.
(1) This section applies if:
(a) the Commissioner pays an amount by way of a Government FHSA contribution for a person for a financial year; and
(b) either:
(i) the contribution was not payable for the person for the financial year; or
(ii) the amount paid is more than the correct amount of the contribution.
(2) The
overpaid amount is:
(a) if the contribution was not payable for the person for the financial year—the whole of the amount referred to in paragraph (1)(a); or
(b) if the amount paid is more than the correct amount of the contribution—the amount by which the amount paid exceeds the correct amount.
(3) The Commissioner may take action to recover the overpaid amount under one or more of the items in the following table, but may only take action under an item if the conditions (if any) specified for that item are satisfied:
| ||
|
|
|
|
| |
|
|
|
|
|
|
Note: Section 52 provides for the imposition of general interest charge if an amount that the person must pay under a notice given to the person under item 2 or 3 of the above table is not repaid within a certain period.
(4) The Commissioner may revoke a notice given under item 2 or 3 of the table in subsection (3) if the Commissioner is satisfied that it is appropriate in the circumstances to do so.
(5) The total of the amounts deducted or recovered under subsection (3) in relation to an overpayment must not exceed the overpaid amount.
(6) If the Commissioner makes a deduction under item 1 of the table in subsection (3) in relation to a Government FHSA contribution for a person, the Commissioner must notify the person within 28 days after the deduction is made.
If the overpaid amount mentioned in subsection 50(2) is less than the greater of the following amounts:
(a) $100;
(b) the amount (if any) specified in the regulations for the purposes of this paragraph;
the Government FHSA contribution is increased by the overpaid amount.
(1) An FHSA provider commits an offence if:
(a) at the end of a calendar year, there is unclaimed money held in FHSAs provided by it; and
(b) within 3 months after the end of the year, the provider has not given ASIC a statement complying with subsections (2), (3) and (4).
Penalty: 50 penalty units.
(2) The statement must be in the approved form.
(3) The approved form may require the statement to contain the following information in relation to each FHSA mentioned in paragraph (1)(a):
(a) the FHSA holder’s name;
(b) the FHSA holder’s address;
(c) the amount of unclaimed money;
(d) the FHSA provider;
(e) the FHSA account number, policy number or other identifying number.
(4) If, between the end of the calendar year and the day on which the statement is given to ASIC, the provider has made any payments (other than a payment of a kind mentioned in paragraph 31(1)(f), (g) or (h)) from any FHSA mentioned in paragraph (1)(a) of this section, the statement must contain information relating to the amounts so paid.
(5) Subsections (3) and (4) do not limit the information the approved form may require the statement to contain.
(1) An FHSA provider commits an offence if:
(a) it gives a statement to ASIC under section 51A at a time; and
(b) at the same time, it does not pay to ASIC on behalf of the Commonwealth an amount equal to the amount of unclaimed money worked out under subsection (2).
Penalty: 50 penalty units.
(2) Work out the amount in accordance with the following formula:
where:
money paid means the total of any amounts paid as mentioned in subsection 51A(4).
remaining partial balances means the total of the balances (if any) of any FHSAs from which amounts have been paid as mentioned in subsection 51A(4).
statement amount means the total of unclaimed money shown in the statement mentioned in subsection 51A(1).
(3) Subject to section 51C, an FHSA provider is, upon payment to ASIC of an amount as required by this section, discharged from further liability in respect of that amount.
(1) ASIC must pay to an FHSA provider an amount equal to an amount of unclaimed money in relation to a person if:
(a) unclaimed money in relation to the person has been paid to ASIC on behalf of the Commonwealth under section 51B by the FHSA provider (or another FHSA provider that no longer offers to provide FHSAs); and
(b) the person, or the person’s legal personal representative, has made an application to the provider in the approved form; and
(c) the provider has made an application to ASIC stating that:
(i) it has approved the application mentioned in paragraph (b); and
(ii) it will contribute or pay the amount in accordance with subsection (2).
(1A) If ASIC pays an amount to an FHSA provider under subsection (1) on or after 1 July 2013, ASIC must also pay to the FHSA provider the amount of interest (if any) worked out in accordance with the regulations.
(1B) Regulations made for the purposes of subsection (1A) may involve different rates of interest for different periods over which the interest accrues. For this purpose,
rate includes a nil rate.(1C) Interest under subsection (1A) does not accrue in relation to a period before 1 July 2013.
(2) An FHSA provider commits an offence if:
(a) it receives an amount under subsection (1) or (1A); and
(b) within 30 days after receiving the amount, it does not contribute or pay the amount:
(i) if the application states that the person meets the FHSA eligibility requirements and that he or she wants the amount to be contributed to an FHSA—to an FHSA opened or issued for the person; or
(ii) if the application states that the person wants the amount to be paid to a particular superannuation interest of the person in a complying superannuation plan—to that plan; or
(iii) if the application states that the person is aged 60 or over and that he or she wants the amount to be paid to him or her—to the person; or
(iv) if none of subparagraphs (i), (ii) and (iii) apply—to a superannuation interest for the benefit of the person in the provider’s default superannuation plan (see section 24); or
(v) if the person is deceased—to the person’s legal personal representative.
Penalty: 50 penalty units.
Note: For subparagraph (b)(i), the person may still satisfy the FHSA eligibility requirements even though the person has acquired a qualifying interest in his or her main residence (see subsection 15(3)).
(3) If an FHSA provider satisfies ASIC that an amount paid to ASIC under section 51B exceeds the amount that should have been paid under that section, ASIC must refund to the FHSA provider the amount of the excess.
(4) The Consolidated Revenue Fund is appropriated for the purposes of this section.
(5) For the purposes of this Act and any other taxation law, treat an amount paid in accordance with subsection (2) as having been paid from an FHSA.
ASIC may publish any information of a kind mentioned in subsection 51A(3) that is given to ASIC in an unclaimed money statement.
Sections 51A, 51B, 51C and 51D are intended to apply to the exclusion of all laws of a State or Territory which require an FHSA provider to:
(a) pay unclaimed money to, or to an authority of, a State or Territory; or
(b) lodge a return relating to unclaimed money with, or with an authority of, a State or Territory.
(1) If:
(a) a person is liable under subsection 43(1) or 47(1) to repay an amount; and
(b) the whole or a part of the amount remains unpaid after the time by which the amount is due to be paid;
the person is liable to pay general interest charge on the unpaid amount.
(2) If:
(a) the Commissioner gives a person a notice under item 2 or 3 of the table in subsection 50(3); and
(b) an amount that the person must pay under the notice remains unpaid after the time by which it is due to be paid;
the person is liable to pay general interest charge on the unpaid amount.
(3) A person who is liable under this section to pay general interest charge on an unpaid amount is liable to pay the charge for each day in the period that:
(a) started at the beginning of the day by which the unpaid amount was due to be paid; and
(b) finishes at the end of the last day at the end of which any of the following remains unpaid:
(i) the unpaid amount;
(ii) general interest charge on any of the unpaid amount.
(4) For the purposes of this section:
(a) an amount that a person becomes liable under subsection 43(1) or 47(1) to repay is due to be paid 7 days after the day on which the person first becomes liable to repay the amount; and
(b) an amount payable under a notice given under item 2 or 3 of the table in subsection 50(3) is due to be paid 28 days after the day on which the notice is given.
(1) A decision of the Commissioner under Part 4 or regulations relating to that Part must be in writing.
(2) Such a decision is taken to be in writing if it is made, or recorded, by means of a computer.
(1) The Commissioner may arrange for the use, under the Commissioner’s control, of computer programs for any purposes for which the Commissioner may make decisions under Part 4 or regulations relating to that Part.
(2) A decision made by the operation of a computer program under an arrangement made under subsection (1) is taken to be a decision made by the Commissioner.
To avoid doubt, an approved form approved by the Commissioner for the purposes of a provision of this Act is an approved form within the meaning of section 388‑50 in Schedule 1 to the
Taxation Administration Act 1953 .
An FHSA holder, or an applicant to become an FHSA holder, may quote his or her tax file number to the FHSA provider in connection with the operation or the possible future operation of this Act and the Superannuation Acts.
Note: Section 62 sets out the method of quoting.
An FHSA provider may at any time request, in the approved form, an FHSA holder
, or a person applying to become an FHSA holder, to quote his or her tax file number to the FHSA provider in connection with the operation or the possible future operation of this Act and the Superannuation Acts.
(1) Subject to subsection (3), if:
(a) a person becomes a holder of an FHSA; and
(b) the person has not quoted his or her tax file number to the FHSA provider in connection with the operation or the possible future operation of this Act and the Superannuation Acts, by the time he or she becomes a holder;
the FHSA provider must, before the required time (see subsection (2)), request the person in the approved form to quote his or her tax file number to the FHSA provider in connection with the operation or the possible future operation of this Act and the Superannuation Acts.
Example: The FHSA provider must make the request if the person quoted the incorrect tax file number in his or her application for the FHSA.
Required time
(2) The
required time is the end of the 28th day after the day on which the FHSA provider becomes aware that the person has not quoted his or her tax file number to the FHSA provider in connection with the operation or the possible future operation of this Act and the Superannuation Acts.
Exception
(3) The FHSA provider is not required to make the request if, before the required time, the person quotes his or her tax file number to the FHSA provider in connection with the operation or the possible future operation of this Act and the Superannuation Acts.
Offences
(4) An FHSA provider commits an offence if it contravenes subsection (1).
Penalty: 100 penalty units.
(5) An FHSA provider commits an offence if it contravenes subsection (1). This is an offence of strict liability.
Penalty: 50 penalty units.
Note: For strict liability, see section 6.1 of the
Criminal Code .
If the FHSA provider requests an FHSA holder or an applicant to quote his or her tax file number, the holder or applicant is not obliged to comply with the request.
(1) This section applies if an FHSA holder, or a person applying to become an FHSA holder, quotes his or her tax file number to the FHSA provider in connection with the operation or the possible future operation of this Act and the Superannuation Acts.
(1) This section applies if an FHSA provider that is a life insurance company provides an FHSA as a life policy that is an investment‑linked contract.
(2) In considering the specified class or group of assets (as mentioned in paragraph 14(4)(a) of the
Life Insurance Act 1995 ) covered under the policy, the provider must have regard to the following matters:
(a) the extent to which the composition of the class or group exposes FHSA holders to risks from inadequate diversification;
(b) the:
(i) risk of a reduction in the value of the units to which the class or group relates; and
(ii) liquidity of the class or group;
in light of the purpose of the FHSA and the minimum term of the FHSA if the requirements in subparagraph 32(1)(c)(i) or (ii) are met;
(c) any other relevant matter.
(3) To avoid doubt, if the life policy allows an FHSA holder to choose between different investment options specified by the FHSA provider, the provider must, in considering the class or group of assets covered under each of those options, also have regard to the matters mentioned in paragraphs (2)(a) to (c).
(1) A provider of an FHSA commits an offence if:
(a) the provider allows an amount to be paid from the FHSA; and
(b) the amount is an amount of fees owing to the FHSA provider for providing the FHSA; and
(c) the amount of those fees is for a reporting period that applies to the FHSA; and
(d) the total earnings or other return credited to the FHSA for the reporting period is less than the amount of those fees; and
(e) the balance of the FHSA is $1,000 or less.
Penalty: 100 penalty units.
Note: Chapter 2 of the
Criminal Code sets out the general principles of criminal responsibility and Part IA of theCrimes Act 1914 contains provisions dealing with penalties.(2) Subsection (1) does not apply if:
(a) the FHSA holder consents in writing to the payment; or
(b) the FHSA is an interest in an FHSA trust and the earnings or other return credited to the FHSA are calculated by reference to the price of units in the trust; or
(c) the FHSA is provided by a life insurance company.
Note: A defendant bears an evidential burden in relation to the matters in subsection (2) (see subsection 13.3(3) of the
Criminal Code ).(3) Subsection (1) also does not apply if:
(a) the total amount of fees paid for the reporting period from all FHSAs provided by the provider is greater than the total amount of earnings or other return credited by the provider to all those FHSAs for the reporting period; and
(b) the amount of fees paid from an FHSA for that period bears the same proportion to the total amount of fees mentioned in paragraph (a) that the:
(i) earnings or other return credited to the FHSA for that period bears to the total amount of earnings or other return mentioned in paragraph (a); or
(ii) balance of the FHSA at the end of that period bears to the total of the balances of all FHSAs provided by the provider at the end of that period.
Note: A defendant bears an evidential burden in relation to the matters in subsection (3) (see subsection 13.3(3) of the
Criminal Code ).
Validity of transaction not affected by contravention
(4) A contravention of subsection (1) does not affect the validity of a transaction.
(1) The Commissioner must, as soon as practicable after 30 June in each financial year, prepare and give to the Minister a report on the working of this Act during that year, to the extent that that Commissioner has the general administration of this Act.
(2) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.
Note: See also section 34C of the
Acts Interpretation Act 1901 , which contains extra rules about annual reports.(3) For the purposes of section 34C of the
Acts Interpretation Act 1901 , a report that is required by subsection (1) to be furnished as soon as practicable after 30 June in a year shall be taken to be a periodic report relating to the working of this Act during the year ending on that 30 June.
(1) A spouse of an FHSA holder, or the spouse’s legal personal representative, may make an application to the FHSA provider for information about the balance of the FHSA.
(2) An application must be in the approved form, and must be accompanied by a declaration stating that the applicant requires the information for either or both of the following purposes:
(a) to assist the applicant in entering into a financial agreement under Part VIIIA or Part VIIIAB of the
Family Law Act 1975 ;(b) to assist the applicant in connection with obtaining a court order under that Act.
(3) An FHSA provider commits an offence if:
(a) it receives an application under this section by a spouse of an FHSA holder; and
(b) it does not comply with the application.
Penalty: 50 penalty units.
(4) An FHSA provider commits an offence if:
(a) it receives an application under this section by a spouse of an FHSA holder; and
(b) in response to an application, it provides the spouse with any address (including a postal address) of the FHSA holder.
Penalty: 50 penalty units.
(5) An FHSA provider commits an offence if:
(a) it receives an application under this section by a spouse of an FHSA holder; and
(b) it informs the FHSA holder that the application has been made.
Penalty: 50 penalty units.
(1) A term of a contract or other agreement providing for a charge (including a mortgage, lien or other encumbrance) over an FHSA has no effect.
(2) Rights to payments from an FHSA cannot be assigned.
(3) An FHSA provider must not recognise, or in any way encourage or sanction, a charge over an FHSA or an assignment of rights to payments from an FHSA.
(4) A person commits an offence if:
(a) the person does an act; and
(b) the doing of the act results in a contravention of subsection (3).
Penalty: 50 penalty units.
An FHSA provider is not liable for loss or damage suffered by any person because of things done (or not done) by the provider in good faith in reliance on:
(a) an application made to the provider in accordance with section 126A; or
(b) a family law obligation.
An FHSA provider is not liable in a civil action or civil proceeding in relation to an act done in fulfilment of an obligation imposed by this Act or the regulations.
If a holder of an FHSA becomes a bankrupt, within the meaning of subsection 5(1) of the
Bankruptcy Act 1966 , nothing in this Act or the regulations prevents the FHSA provider from paying to the trustee in bankruptcy an amount out of the FHSA that is property divisible amongst the FHSA holder’s creditors, within the meaning of section 116 of theBankruptcy Act 1966 .
Application
(1) This section applies if an entitlement under Division 2AA (Financial claims scheme for account‑holders with insolvent ADIs) of Part II of the
Banking Act 1959 arises in connection with an FHSA (theold FHSA ) held by a person.
Some contributions treated as transfers from old FHSA
(2) If a contribution to another FHSA is made for the purposes of:
(a) meeting the entitlement (wholly or partly); or
(b) paying a distribution attributable to the old FHSA from the liquidation of the provider of the old FHSA;
this Act applies as if the contribution were by way of a transfer from the old FHSA to the other FHSA.
Note: The effects of this include the contribution being covered by paragraph 11(3)(a), so that the contribution is not a personal FHSA contribution, does not count against the limit on contributions set by section 27 and does not count for working out the amount of a Government FHSA contribution for the person under section 38.
Old FHSA does not affect whether person meets FHSA eligibility requirements
(3) For the purposes of determining whether the person meets the FHSA eligibility requirements after the entitlement arises, disregard the old FHSA for the purposes of paragraphs 15(1)(e) and (f).
Note: This ensures that the holding and closure of the old FHSA after the entitlement arises cannot prevent the person from meeting the FHSA eligibility requirements.
Opening of new FHSA to meet entitlement
(4) Subsection 19(1) does not apply to the opening of an FHSA:
(a) under section 16AH of the
Banking Act 1959 for the purposes of meeting the entitlement (wholly or partly); or(b) under section 16AR of that Act for the purposes of paying a distribution attributable to the old FHSA from the liquidation of the provider of the old FHSA.
Note: A defendant in a prosecution for an offence against section 19 bears an evidential burden in relation to the matter in subsection (4) of this section: see subsection 13.3(3) of the
Criminal Code .
Notice of person not meeting the FHSA eligibility requirements
(5) If:
(a) an FHSA (the
new FHSA ) is opened:
(i) under section 16AH of the
Banking Act 1959 for the purposes of meeting the entitlement (wholly or partly); or(ii) under section 16AR of that Act for the purposes of paying a distribution attributable to the old FHSA from the liquidation of the provider of the old FHSA; and
(b) before the new FHSA was opened, circumstances arose resulting in the person not meeting the FHSA eligibility requirements; and
(c) after the opening of the new FHSA, the person continues not to meet the FHSA eligibility requirements;
section 20 applies to the person as the holder of the new FHSA in relation to the provider of the new FHSA, but so as to require the person to give notice within 30 days after notice is sent to the person of the opening of the new FHSA.
Note: The person may still satisfy the FHSA eligibility requirements even though the person has acquired a qualifying interest in his or her main residence (see subsection 15(3)).
Payment connected with right given to APRA by the Banking Act 1959
(6) Nothing in this Act or the regulations prevents the provider of the old FHSA from paying an amount out of the FHSA in connection with a right to be paid an amount by the provider that APRA had in connection with the old FHSA because of section 16AI of the
Banking Act 1959 .Note: Section 16AI of the
Banking Act 1959 gives APRA the right (or part of the right) the holder of the old FHSA had to be paid an amount by the provider of the old FHSA in connection with the old FHSA.
(1) If the operation of this Act would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person.
(2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.
(3) In this section:
acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution.
just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.
This Act does not apply with respect to State insurance that does not extend beyond the limits of the State concerned.
(1) The Governor‑General may make regulations prescribing matters:
(a) required or permitted by this Act to be prescribed; or
(b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.
(2) Without limiting subsection (1), the regulations may:
(a) prescribe fees in respect of any matter under this Act; and
(b) prescribe penalties not exceeding 10 penalty units in respect of offences against the regulations.
The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnote 5—Uncommenced amendments
Endnote 6—Modifications
Endnote 7—Misdescribed amendments
Endnote 8—Miscellaneous
If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.
The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.
The effect of uncommenced amendments is not reflected in the text of the compiled law, but the text of the amendments is included in endnote 5.
If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.
An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.
Endnote 8 includes any additional information that may be helpful for a reader of the compilation.
ad = added or inserted | pres = present |
am = amended | prev = previous |
c = clause(s) | (prev) = previously |
Ch = Chapter(s) | Pt = Part(s) |
def = definition(s) | r = regulation(s)/rule(s) |
Dict = Dictionary | Reg = Regulation/Regulations |
disallowed = disallowed by Parliament | reloc = relocated |
Div = Division(s) | renum = renumbered |
exp = expired or ceased to have effect | rep = repealed |
hdg = heading(s) | rs = repealed and substituted |
LI = Legislative Instrument | s = section(s) |
LIA = | Sch = Schedule(s) |
mod = modified/modification | Sdiv = Subdivision(s) |
No = Number(s) | SLI = Select Legislative Instrument |
o = order(s) | SR = Statutory Rules |
Ord = Ordinance | Sub‑Ch = Sub‑Chapter(s) |
orig = original | SubPt = Subpart(s) |
|
First Home Saver Accounts Act 2008 | 44, 2008 | 25 June 2008 | 26 June 2008 | |
First Home Saver Accounts (Further Provisions) Amendment Act 2008 | 92, 2008 | 30 Sept 2008 | Schedule 1 (items 2, 3, 26) and Schedule 2 (items 4–37): 1 Oct 2008
Schedule 4: 1 Mar 2009 ( | Sch. 1 (item 26) s. 2(1) (item 4) (am. by 8, 2010, Sch. 2 [item 13]) |
| ||||
| 8, 2010 | 1 Mar 2010 | Schedule 2 (item 13): ( | — |
Family Law Amendment (De Facto Financial Matters and Other Measures) Act 2008 | 115, 2008 | 21 Nov 2008 | Schedule 2 (item 33): 1 Mar 2009 | — |
Tax Laws Amendment (2009 Measures No. 2) Act 2009 | 42, 2009 | 23 June 2009 | Schedule 1 (items 4–10): Royal Assent | Sch. 1 (item 10) |
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 | 75, 2009 | 27 Aug 2009 | Schedule 1 (item 205): 27 Feb 2010 Schedule 2 (items 13, 14): 28 Aug 2009 | Sch. 2 (item 14) |
Statute Law Revision Act 2010 | 8, 2010 | 1 Mar 2010 | Schedule 1 (item 29): Royal Assent
Schedule 2 (item 13): | — |
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010 | 145, 2010 | 16 Dec 2010 | Schedule 2 (items 18–20): 17 Dec 2010 | — |
Tax Laws Amendment (2011 Measures No. 1) Act 2011 | 31, 2011 | 25 May 2011 | Schedule 3 (items 1–31, 36): 26 May 2011 | Sch. 3 (item 36) |
Statute Law Revision Act 2012 | 136, 2012 | 22 Sept 2012 | Schedule 1 (item 56): Royal Assent | — |
Treasury Legislation Amendment (Unclaimed Money and Other Measures) Act 2012 | 176, 2012 | 4 Dec 2012 | Schedule 2 (items 1–5): 1 July 2013 Schedule 2 (item 6): 5 Dec 2012 | Sch. 2 (item 6) |
Superannuation Legislation Amendment (Service Providers and Other Governance Measures) Act 2013 | 61, 2013 | 26 June 2013 | Sch 1 (items 13–15, 20, 23, 26, 125): 1 July 2013 Sch 1 (items 16, 17): Royal Assent Sch 1 (items 18, 19, 21, 22, 24, 25): 27 June 2013 | Sch 1 (item 125) |
Statute Law Revision Act (No. 1) 2014 | 31, 2014 | 27 May 2014 | Sch 1 (item 38): 24 June 2014 | — |
(a) Subsection 2(1) (item 16) of theStatute Law Revision Act 2010 provides as follows:
(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Schedule 2, item 13 | Immediately
after the time specified in the | 30 September 2008 |
s. 3....................................... | am. No. 92, 2008; No. 8, 2010 |
Note to s. 3(1) ....................... | ad. No. 145, 2010 |
s. 11...................................... | am. No. 92, 2008 |
Subheads. to s. 15(1), (2) ........ | ad. No. 31, 2011 |
s. 15...................................... | am. No. 92, 2008; No. 31, 2011 |
Note to s. 15(1) ..................... | ad. No. 42, 2009 |
Subhead. to s. 16(1) ............... | ad. No. 31, 2011 |
s. 16...................................... | am. No. 31, 2011 |
Subhead. to s. 17(1) ............... | ad. No. 31, 2011 |
s. 17...................................... | am. No. 92, 2008; No. 31, 2011 |
Note to s. 17(2) ..................... | ad. No. 31, 2011 |
Note to s. 17(4) ..................... | ad. No. 31, 2011 |
s. 17A................................... | ad. No. 92, 2008 |
am No 176, 2012 | |
s. 18...................................... | am. Nos. 92 and 115, 2008; No. 75, 2009; No. 145, 2010; No. 31, 2011; No 61, 2013 |
s. 19...................................... | am. No. 92, 2008; No. 31, 2011 |
Note to s. 19(1) ..................... | rep. No. 31, 2011 |
Notes 1, 2 to s. 19(1) .............. | ad. No. 31, 2011 |
Note to s. 19(3) ..................... | ad. No. 42, 2009 |
s. 20...................................... | am. No. 31, 2011 |
Note to s. 20(5) ..................... | ad. No. 42, 2009 |
s. 21...................................... | am. No. 31, 2011 |
Note to s. 21(1) ..................... | rep. No. 31, 2011 |
Notes 1, 2 to s. 21(1) .............. | ad. No. 31, 2011 |
Heading to s. 22..................... | rs. No. 31, 2011 |
s. 22...................................... | am. No. 92, 2008; No. 31, 2011 |
s. 23...................................... | am. No. 31, 2011 |
s. 26...................................... | am. No. 31, 2011 |
ss. 27, 28............................... | am. No. 92, 2008 |
s. 31...................................... | am. No. 92, 2008; No. 31, 2011 |
Note to s. 31(1) Renumbered Note 1................ | No. 42, 2009 |
Note 2 to s. 31(1) .................. | ad. No. 42, 2009 |
s. 32A................................... | ad. No. 31, 2011 |
s. 34...................................... | am. No. 92, 2008 |
s. 35...................................... | am. No. 31, 2011 |
Note to s. 36(1) ..................... | ad. No. 31, 2011 |
Part 4A................................. | ad. No. 92, 2008 |
s. 51A................................... | ad. No. 92, 2008 |
s 51B.................................... | ad No 92, 2008 |
s 51C.................................... | ad No 92, 2008 |
am No 176, 2012 | |
Note to s. 51C(2) ................... | ad. No. 31, 2011 |
ss. 51D, 51E.......................... |
ad. No. 92, 2008 | |
s. 67...................................... | am. No. 92, 2008; No. 31, 2011 |
Heading to Div. 3 of............... Part 5 | rep. No. 136, 2012 |
s. 70...................................... | am. No. 92, 2008 |
rep. No. 145, 2010 | |
s 93....................................... | rs No 61, 2013 |
s. 114.................................... | am. No. 92, 2008; No 61, 2013 |
s 115..................................... | am No 61, 2013 |
s 116..................................... | am No 61, 2013 |
s 119..................................... | am No 61, 2013 |
s 120..................................... | am No 61, 2013 |
s. 120A................................. | ad. No. 75, 2009 |
s. 123.................................... | am. No. 92, 2008 |
s. 123A................................. | ad. No. 92, 2008 |
s. 126A................................. | ad. No. 92, 2008 |
am. No. 92, 2008 | |
ss. 126B, 126C....................... | ad. No. 92, 2008 |
s 128..................................... | am No 31, 2014 |
s. 128A................................. | ad. No. 42, 2009 |
Note to s. 128A(5) ................. | ad. No. 31, 2011 |
0
0
0