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First Home Saver Accounts Act 2008
No. 44, 2008
No longer in force
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Administered by
Department of the Treasury
Superseded version
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C2008A00044
25 June 2008
-
30 September 2008
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Table of contents
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Part 1—Preliminary
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Division 1—General
1 Short title
2 Commencement
3 General administration of Act
4 Application of Act not to be excluded or modified
5 Act extends to external Territories
6 Crown to be bound
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Division 2—Simplified outline
7 Simplified outline
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Part 2—Key concepts and other definitions
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Division 1—Key concepts
8 Meaning of FHSA
9 Meanings of hold and FHSA holder
10 Meanings of provide and FHSA provider
11 Meanings of Government FHSA contribution and personal FHSA contribution
12 Meaning of qualifying interest in a dwelling
13 Meaning of main residence
14 Meaning of FHSA home acquisition payment
15 Meaning of FHSA eligibility requirements
16 Meaning of FHSA ineligibility payment
17 Meaning of FHSA payment conditions
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Division 2—Other definitions
18 Definitions
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Part 3—Eligibility, contribution and payment rules
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Division 1—Eligibility rules
19 Obligation of FHSA provider in opening or issuing FHSA
20 FHSA holder must notify provider if he or she does not satisfy the FHSA eligibility requirements
21 Commissioner must notify provider if reason to believe that certain circumstances exist
22 FHSA provider to close inactive FHSA
23 Inactive FHSA
24 Default superannuation plan
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Division 2—Contributions to FHSAs
25 Limit on contributions to FHSAs—account holder aged 65 or over
26 Limit on contributions to FHSAs—inactive FHSA
27 Limit on contributions to FHSAs—holder in breach of account balance cap
28 Breach of account balance cap
29 Account balance cap
30 Indexation of account balance cap
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Division 3—Restrictions on payments from FHSAs
31 FHSA provider must not make payment from FHSA unless authorised by law etc.
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Division 4—Requirements to make payments from FHSAs
32 Payment from FHSA for purposes of acquiring a home
33 Payment from FHSA if FHSA holder aged 60 or over
34 Payment of FHSA balance as contribution to superannuation
35 Payment of FHSA balance as transfer to another FHSA
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Part 4—Government FHSA contributions
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Division 1—Eligibility for and amount of a Government FHSA contribution
36 Whether a Government FHSA contribution is payable
37 Notification of eligibility status
38 Amount of Government FHSA contribution
39 Government FHSA contribution threshold
40 Indexation of Government FHSA contribution threshold
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Division 2—Payment of Government FHSA contribution
41 Commissioner’s determinations
42 Payment of Government FHSA contribution
43 Providers to return Government FHSA contribution in certain circumstances
44 Government FHSA contribution increased by interest amount if paid late in certain circumstances
45 Commissioner to notify if Government FHSA contribution paid
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Division 3—Underpayments of Government FHSA contribution
46 Underpayment determinations
47 Providers to return underpaid amounts in certain circumstances
48 Government FHSA contribution increased by interest amount if underpaid amount paid late in certain circumstances
49 Small underpayments paid by cheque
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Division 4—Overpayments of Government FHSA contribution
50 Recovery of overpayments
51 Small overpayments
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Part 5—Administration
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Division 1—General
52 When general interest charge payable
53 Decisions under Part 4 to be in writing
54 Commissioner may arrange for use of computer programs to make decisions under Part 4
55 Approved forms approved by Commissioner
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Division 2—Tax file numbers
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Subdivision A—Quotation, use and transfer of FHSA holder’s tax file number
56 FHSA holder or applicant may quote tax file number
57 FHSA provider may request FHSA holder’s or applicant’s tax file number
58 FHSA provider must request FHSA holder to quote tax file number if not quoted previously
59 No obligation to quote tax file number
60 Use of tax file number for certain purposes
61 FHSA provider must inform other FHSA provider or superannuation provider of tax file number for certain purposes
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Subdivision B—Method of quotation of tax file numbers, including deemed quotation
62 Method of quoting tax file number
63 FHSA holder taken to have quoted where Commissioner gives notice
64 Information provided by FHSA provider taken to have been provided by FHSA holder
65 FHSA holder or applicant taken to have quoted if he or she quoted for other purposes
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Subdivision C—Incorrect quotation of tax file number
66 Effect of mistaken quotation of tax file number
67 Effect of invalid quotation of tax file number
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Subdivision D—Provision of tax file numbers in forms etc.
68 Forms etc. may require tax file number
69 Failure to quote tax file number
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Division 3—Secrecy
70 Secrecy
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Division 4—Review of decisions
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Subdivision A—Review of Commissioner decisions relating to Government FHSA contributions
71 Review of decisions
72 Authorised review officers
73 Withdrawal of review applications
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Subdivision B—Review of certain APRA decisions
74 Reviewable decision
75 Review of certain decisions
76 Statements to accompany notification of decisions
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Part 6—Enforcement
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Division 1—Information gathering
77 Commissioner may require person or legal representative to give information
78 Commissioner may require FHSA provider to give information
79 Self-incrimination
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Division 2—Access to premises
80 Appointment of authorised persons
81 Powers of authorised person in relation to premises
82 Obligations of authorised persons—all cases
83 Obligations of authorised persons—entry by consent
84 Obligations of authorised persons—entry by warrant
85 Obstruction of authorised person acting under a warrant
86 Persons to assist authorised persons acting under a warrant
87 Issue of warrant to enter premises
88 Identity cards
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Part 7—Prudential provisions
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Division 1—Authorisation of RSE licensees as FHSA providers
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Subdivision A—Applying for authorisation as FHSA provider
89 RSE licensee applications for authorisation as FHSA providers
90 APRA may request further information
91 Period within which application is to be decided
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Subdivision B—Grant of authorisation as FHSA provider
92 Grant of authorisation as FHSA provider
93 Capital requirements
94 Documents required to bear ABN
95 When an authorisation is in force
96 APRA to give notice of refusal of applications
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Subdivision C—Conditions on authorisation as FHSA provider
97 Conditions imposed on all authorisations
98 Additional conditions imposed by APRA on individual authorisations
99 Directions to comply with conditions on authorisation
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Subdivision D—Variation or revocation of condition on authorisation as FHSA provider
100 Applications for variation or revocation of condition on authorisation as FHSA provider
101 APRA may request further information
102 Period for deciding applications
103 APRA may vary or revoke conditions on authorisation—in accordance with application
104 APRA may vary or revoke conditions on authorisation—on its own initiative
105 Notification of APRA’s decisions under this Division
106 When variations or revocations come into force etc.
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Subdivision E—Cancelling authorisation as FHSA provider
107 Cancellation of authorisation as FHSA provider
108 Cancellation of authorisation for FHSA provider that is financial services licensee
109 APRA may allow authorisation as FHSA provider to continue in effect
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Subdivision F—Offences and self-incrimination
110 Providing an FHSA while unauthorised etc.
111 Failing to notify breach of condition on authorisation
112 Not complying with direction to comply with condition on authorisation
113 Breach does not affect validity of issue of FHSA etc.
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Division 2—Application of the Superannuation Industry (Supervision) Act 1993
114 Modified application of the Superannuation Industry (Supervision) Act 1993
115 Provisions of the Superannuation Industry (Supervision) Act 1993 that do not apply
116 General modifications of applicable provisions of the Superannuation Industry (Supervision) Act 1993
117 References to Prudential Standards
118 Persons who may be appointed to be custodians of FHSA trusts—approved guarantee etc.
119 Transfer of FHSA trusts
120 Covenants to be included in governing rules—investment management
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Division 3—Prudential Standards
121 Prudential Standards
122 Notice of determination, variation or revocation of certain Prudential Standards
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Division 4—Other prudential provisions
123 Requirement for ADIs and life insurance companies to notify APRA of intention to provide FHSAs
124 Obligations of FHSA providers in relation to certain life policies
125 Protection for small balances
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Part 8—Miscellaneous
126 Annual reports
127 Civil immunity where defendant was complying with this Act
128 Payment out of a fund in accordance with the Bankruptcy Act 1966
129 Compensation for acquisition of property
130 State insurance
131 Regulations
