First Home Saver Accounts Regulations 2008 (Cth)
made under the
This is a compilation of the
This compilation was prepared on 16 May 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
These Regulations are the
First Home Saver Accounts Regulations 2008 .
These Regulations commence on the day after they are registered.
In these Regulations:
Act means theFirst Home Saver Accounts Act 2008 .
address for contact , for a person, means:
(a) if the person has given the Commissioner an address under regulation 11—that address or the address given by the person in substitution for that address; or
(b) otherwise—the address of the person as set out in any record in the custody of the Commissioner.
charge includes a mortgage, lien or other encumbrance.
CPI means the Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Bureau of Statistics.
SIS Act means theSuperannuation Industry (Supervision) Act 1993 .
SIS Regulations means theSuperannuation Industry (Supervision) Regulations 1994 .
(1) For subsection 17A(3) of the Act, the balance of an FHSA specified in this regulation and held by a person is
unclaimed money in relation to the person if, and only if, the conditions specified in this regulation are satisfied.(2) All FHSAs are specified.
(3) The conditions relating to a FHSA are that:
(a) either:
(i) one of the requirements (a
4 year requirement ) in subparagraphs 32(1)(c)(i) to (iii) of the Act has been met; or(ii) one of the requirements (a
4 year requirement ) in subparagraphs 32A(1)(e)(i) to (iii) of the Act has been met; and
(b) at any time after the time the 4 year requirement is met:
(i) no amount has been contributed to the FHSA for at least 3 years; and
(ii) no payment has been made from the FHSA for at least 3 years.
Note: The requirements mentioned in paragraph (a) relate to actions of an FHSA holder that have occurred over at least 4 years.
The provisions of the SIS Regulations mentioned in Schedule 1 apply:
(a) to an RSE licensee that holds an authorisation as an FHSA provider (
RSE FHSA provider ) in the same way that they apply to an RSE licensee that is a trustee of a public offer superannuation fund; and(aa) to the following persons, in the same way that the provisions apply to a responsible officer of an RSE licensee that is a trustee of a public offer superannuation fund:
(i) a director of the RSE FHSA provider;
(ii) a secretary of the RSE FHSA provider;
(iii) another person who is concerned or takes part in the management of the RSE FHSA provider; and
(b) to an FHSA trust in the same way that they apply to a public offer superannuation fund; and
(c) to the holder of an FHSA provided by an RSE FHSA provider in the same way that they apply to a beneficiary or member of a public offer superannuation fund; and
(d) to an FHSA provided by an RSE FHSA provider in the same way that they apply to a superannuation interest.
The provisions of the SIS Regulations mentioned in Schedule 1 apply, as set out in regulation 4, with the following modifications:
(a) references to “the Act” are taken to be references to the Act (including provisions of the SIS Act that apply for the purposes of the Act);
(b) references to “these Regulations” are taken to be references to these Regulations;
(c) references to a year of income are taken to be references to a financial year.
(1) For paragraph 52(2)(j) of the SIS Act, as applied by Division 2 of Part 7 of the Act, the information set out in subregulations (2) and (3) is prescribed.
(2) The information is information that a concerned person reasonably requires for the purposes of:
(a) understanding any benefit entitlements that the concerned person may have, has or used to have under the FHSA; or
(b) understanding the main features of:
(i) each investment option offered by the FHSA provider; or
(ii) if the FHSA provider does not offer more than 1 investment option—the FHSA trust; or
(c) making an informed judgment about the management and financial condition of:
(i) each investment option offered by the FHSA provider; or
(ii) if the FHSA provider does not offer more than 1 investment option—the FHSA trust; or
(d) making an informed judgment about the investment performance of:
(i) each investment option offered by the FHSA provider; or
(ii) if the FHSA provider does not offer more than 1 investment option—the FHSA trust; or
(e) understanding the particular investments of:
(i) the FHSA trust; and
(ii) each investment option offered by the FHSA provider (if any).
(3) However, the information does not include information:
(a) contained only in internal working documents of the provider; or
(b) that would disclose, or tend to disclose:
(i) personal information of another person if, in the circumstances, the disclosure would be unreasonable; or
(ii) trade secrets or other information having a commercial value that would be reduced or destroyed by the disclosure; or
(c) in relation to which the provider owes to another person a duty of non‑disclosure.
(4) For subregulation (2), a
concerned person is a person who holds, or within the preceding 12 months held, an FHSA with the FHSA provider.Note: This regulation applies instead of regulation 4.01 of the SIS Regulations.
(1) For paragraph 97 (1) (f) of the Act, this regulation specifies conditions on FHSA authorisations.
(2) An FHSA provider must give written notice to APRA of any change in:
(a) the name of the provider; or
(b) the postal address, registered address or address for contact of the provider; or
(c) contact details of any contact person required to be included on the approved application form;
within 28 days after the change.
(3) An incoming FHSA provider of an FHSA trust must give written notice to APRA that it has become the trustee of the trust:
(a) as soon as practicable after the FHSA provider has become the trustee of the trust; and
(b) before the end of 5 days after the change.
(4) An FHSA provider for an FHSA trust must give written notice to APRA of a decision or resolution to wind up the trust:
(a) as soon as practicable after the making of the decision or resolution; and
(b) before the winding up is commenced.
Note: This regulation applies instead of regulation 11.07 of the SIS Regulations.
(1) For paragraph 97 (1) (f) of the Act, this regulation specifies conditions on FHSA authorisations.
(2) An FHSA provider for an FHSA trust must not:
(a) appoint or engage a person to be; or
(b) allow a person to act as;
an investment manager or custodian of the trust if the person is a disqualified person under Part 15 of the SIS Act.
(3) An FHSA provider that becomes aware that it has breached the condition specified in subregulation (2) must, as soon as practicable after so becoming aware, remove the person from the position of investment manager or custodian of the trust.
Note: The FHSA provider may also have to notify APRA of the breach—see section 111 of the Act.
(4) In this regulation
custodian andinvestment manager have the meaning given in subsection 10 (1) of the SIS Act.
(1) For paragraph 97 (1) (f) of the Act, this regulation specifies a condition on FHSA authorisations.
(2) An FHSA provider for an FHSA trust must not give a charge over, or in relation to, an asset of the trust.
(1) For paragraph 97 (1) (f) of the Act, this regulation specifies conditions on FHSA authorisations.
(2) An FHSA provider for an FHSA trust must not, in its capacity as trustee of the trust, invest in:
(a) itself (whether in its capacity as trustee or otherwise); or
(b) a related body corporate.
(3) However, the provider may invest in a related body corporate if:
(a) the investment is a deposit and the body corporate is the ADI that issued the deposit; or
(b) the investment is a life policy and the body corporate is the life insurance company that issued the policy; or
(c) all of the following apply:
(i) the investment (
prescribed investment ) is an investment in, or a loan to, the body corporate;(ii) the body corporate is an ADI or a life insurance company;
(iii) the value of the provider’s prescribed investments does not exceed 5% of the trust’s total assets; or
(d) all of the following apply:
(i) the investment is in a publicly available unit trust;
(ii) the body corporate is the responsible entity of the trust;
(iii) the body corporate exercises no other function in relation to the trust.
(4) If the value of an FHSA provider’s prescribed investments in a related body corporate exceeds 5% of the trust’s total assets, the provider must, as soon as practicable, divest itself of such of those investments as is required to reduce the value of the investments to no more than 5% of the trust’s total assets.
(1) A person may notify the Commissioner of an address where the Commissioner may contact the person for the purposes of the Act.
(2) The address may be:
(a) a physical address; or
(b) a postal address; or
(c) an electronic address.
Note 1: An address may be both a physical address and a postal address (eg a street address).
Note 2: The following are examples of an electronic address:
(a) an e‑mail address;
(b) a fax number;
(c) a phone number for a phone or device which is capable of receiving electronic documents;
(d) a secure website that the person can access to obtain a document.
If:
(a) an FHSA provider has given the Commissioner an address under regulation 11; and
(b) the provider’s address changes;
the provider must notify the Commissioner of the change of address within 28 days of the change.
Note: If the provider holds an authorisation as an FHSA provider under Part 7 of the Act, the provider must also tell APRA of the change—see subregulation 7 (2).
(1) If the Commissioner may or must give a notice to a person under the Act, the Commissioner may give the notice by:
(a) giving it personally to the person; or
(b) if the person’s address for contact is a physical address—leaving it at that address; or
(c) if the person’s address for contact is a postal address—by posting it to that address by prepaid letter post; or
(d) if the person’s address for contact is an electronic address—by sending it electronically to that address.
(2) If the Commissioner may or must notify a person of a matter under the Act, the Commissioner may notify the person by:
(a) personally notifying the person (for example, face‑to‑face or by phone); or
(b) if the person’s address for contact is a physical address—delivering a notice to that address; or
(c) if the person’s address for contact is a postal address—by posting a notice by prepaid letter post to that address; or
(d) if the person’s address for contact is an electronic address—by sending a notice electronically to that address.
(3) In the absence of proof to the contrary, a notice or notification given in accordance with subregulation (1) or (2) is taken to have been received by the person:
(a) if the person’s address for contact is a postal address—when the notice or notification would, in the ordinary course of post, have arrived at the place to which it was addressed; or
(b) otherwise—when the notice is given, left or sent.
(4) This regulation does not affect the operation of any other law of the Commonwealth, or any law of a State or Territory, that deals with service of documents.
Note: For an example of another law that deals with the service of documents, see sections 28A and 29 of the
Acts Interpretation Act 1901 .
(1) This regulation applies if:
(a) on or after 13 May 2014, the Minister announces in the Parliament (including by tabling a document) an intention to amend the Act; and
(b) after the announcement is made, a person applies to an FHSA provider to open or issue an FHSA.
(2) The FHSA provider must give the person written notice of the announcement and its effect before the FHSA provider opens or issues the account.
(1) This regulation applies if:
(a) on or after 13 May 2014, the Minister announces in the Parliament (including by tabling a document) an intention to amend the Act; and
(b) after the announcement is made, an FHSA provider opens or issues an FHSA; and
(c) the FHSA is opened or issued as a result of an application made:
(i) after the announcement is made; but
(ii) before regulation 13AA commences.
(2) The FHSA provider must give the holder of the FHSA written notice of the announcement and its effect.
(3) The notice must be given within 7 days after the FHSA is opened or issued.
(4) The notice must also state:
(a) the effect of section 1019B (cooling‑off period) of the
Corporations Act 2001 ; and(b) the day on which the cooling‑off period for the FHSA ends.
(1) This regulation sets out how to work out the interest for subsection 51C(1A) of the Act.
(2) If the unclaimed money is paid to ASIC in more than one payment, the interest is to be worked out separately for each payment.
(3) The interest is to be worked out for the period (the
interest period ) that:(a) starts on the later of:
(i) 1 July 2013; and
(ii) the day when the unclaimed money was paid to ASIC; and
(b) ends on the 14th day after ASIC last authorised the unclaimed money to be paid under subsection 51C(1) of the Act.
(4) The interest is to be worked out by adding together the interest for each financial year during the interest period.
(5) The interest for each financial year is worked out using the following formula, and rounding the result to the nearest cent:
where:
amount means the amount of unclaimed money plus the interest (if any) worked out for each earlier financial year for which interest is payable.days interest payable means the number of days in the financial year for which interest is payable.days in the financial year means the number of days in the financial year.interest rate , for a financial year, means:(a) the percentage change in the All Groups CPI between the 2 March quarters most recently published before the first day of the financial year (rounded up to 4 decimal places); or
(b) if that percentage change is less than 0%—0%.
(1) For paragraph 126H (6) (a) of the SIS Act, as applied by Division 2 of Part 7 of the Act, the matters set out in this regulation are specified.
(2) In relation to subsection 126H (3) of the SIS Act, as applied, the matters are:
(a) whether the individual is, or has been, a disqualified person under Part 15 of the SIS Act; and
(b) whether the individual has contravened the SIS Act on one or more occasions; and
(c) the number, nature and seriousness of any contraventions of the SIS Act.
(3) In relation to subsection 126H (4) of the SIS Act, as applied, the matters are:
(a) whether the individual is, or has been, a responsible officer of a trustee, investment manager or custodian that is, or has been, a disqualified person under Part 15 of the SIS Act; and
(b) whether the individual is, or has been, a responsible officer of a trustee, investment manager or custodian that has contravened the SIS Act on one or more occasions; and
(c) the number, nature and seriousness of any contraventions of the SIS Act.
(4) In relation to subsection 126H (5) of the SIS Act, as applied, the matters are:
(a) whether the individual has engaged in conduct that relates to superannuation entities within the meaning of the SIS Act on one or more occasions; and
(b) whether any conduct of that kind makes it reasonable to conclude that the individual is not a fit and proper person to be a person referred to in subsection 126H (2) of the SIS Act as applied.
(1) Judicial notice must be taken of the names and signatures of the persons who are, or were at any time, the Commissioner, a Second Commissioner, a Deputy Commissioner or a delegate of the Commissioner.
(2) A notice or other document given or produced for the Act that bears the written, printed or stamped name (including a facsimile of the signature) of a person who is, or was at any time, the Commissioner, a Second Commissioner, a Deputy Commissioner or a delegate of the Commissioner in place of that person’s signature is to be taken as signed by that person unless it is proved that the document was issued without that person’s authority.
(3) References to position titles in this regulation have the same meaning in this regulation as they do in the
Taxation Administration Act 1953 .
(regulation 4)
regulation 1.03, to the extent it defines terms used in other applied provisions |
regulation 1.04 |
regulation 1.04A |
regulation 3.04A |
regulation 3.10 |
regulation 5.01, definition of |
regulation 6.29 |
Division 9.2, other than regulation 9.03 |
regulation 11.03 |
regulation 11.04 |
regulation 11.06A |
regulation 13.19 |
regulation 13.20 |
regulation 13.21 |
regulation 13.22 |
Division 13.3A, other than regulation 13.22B |
Division 13.5 |
Schedule 1AAA |
Schedule 3 |
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) |
par = paragraph(s)/subparagraph(s) | |
/sub‑subparagraph(s) |
2008 No. 170 | 8 Aug 2008 ( | 9 Aug 2008 | |
2012 No. 319 | 11 Dec 2012 ( | 12 Dec 2012 | — |
117, 2013 | 17 June 2013 ( | Sch 1 (items 5, 6): 18 June 2013 | — |
155, 2013 | 28 June 2013 ( | Sch 1 (items 87, 88) and Sch 2 (item 5): 1 July 2013 | — |
53, 2014 | 15 May 2014 ( | 15 May 2014 | — |
Pt 1A..................................... | ad 2012 No 319 |
r 3.......................................... | am No 117, 2013 |
r 3A....................................... | ad 2012 No 319 |
r 4.......................................... | am No 155, 2013 |
r 6.......................................... | am No 155, 2013 |
r 13AA................................... | ad No 53, 2014 |
r 13AB................................... | ad No 53, 2014 |
Pt 4A..................................... | ad No 117, 2013 |
r 13A..................................... | ad No 117, 2013 |
Sch 1...................................... | am No 155, 2013 |
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