2016‑2017
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
First Home Super Saver Tax Bill 2017
No. , 2017
(Treasury)
A Bill for an Act to impose first home super saver tax, and for related purposes
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Imposition of tax................................................................................. 2
4............ Amount of tax..................................................................................... 2
A Bill for an Act to impose first home super saver tax, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act is the First Home Super Saver Tax Act 2017.
2 Commencement
(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.
| Commencement information |
| Column 1 | Column 2 | Column 3 |
| Provisions | Commencement | Date/Details |
| 1. The whole of this Act | At the same time as Schedule 1 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Act 2017 commences. However, the provisions do not commence at all if that Schedule does not commence. | 1 July 2018 |
Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.
(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Imposition of tax
First home super saver tax payable under section 313‑60 of the Income Tax Assessment Act 1997 by a person is imposed.
4 Amount of tax
The amount of the first home super saver tax is 20% of the person’s assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997).