Income Tax Assessment Act 1997
CHAPTER 3
-
SPECIALIST LIABILITY RULES
PART 3-30
-
SUPERANNUATION
Division 313
-
First home super saver scheme
Subdivision 313-C
-
Purchasing or constructing a residential premises
Operative provisions
SECTION 313-35 Purchasing or constructing a residential premises 313-35(1)
Section 313-40 applies to you if: (a) a *first home super saver determination is made in relation to you; and (b) you make a valid request (the current request ) under section 131-5 in Schedule 1 to the Taxation Administration Act 1953 for a release authority in relation to that determination; and (ba) that current request is your first such request, or one of the following subparagraphs applies for each of your previous valid requests for such a release authority:
313-35(2)
The Commissioner may extend the period for entering into a contract by up to 12 months.
View history note
Hide history noteSECTION 313-35 Purchasing or constructing a residential premises 313-35(1)
Section 313-40 applies to you if: (a) a *first home super saver determination is made in relation to you; and (b) you make a valid request (the current request ) under section 131-5 in Schedule 1 to the Taxation Administration Act 1953 for a release authority in relation to that determination; and (ba) that current request is your first such request, or one of the following subparagraphs applies for each of your previous valid requests for such a release authority:
(i) you have withdrawn the request;
(ii) the Commissioner has revoked the release authority issued in relation to the request (whether or not the release authority had previously been varied);
(iii) after one or more amendments of the request, you have withdrawn the latest of those amended requests;
(c) you enter into a contract to purchase or construct a *CGT asset that is a *residential premises in Australia within the period:
(iv) the Commissioner has revoked the release authority issued in relation to the latest of one or more amendments of the request (whether or not the release authority had previously been varied); and
(i) beginning 90 days before the day you make the first of the valid requests referred to in paragraph (ba) ; and
(d) the price for the purchase or construction of the premises is at least equal to the total amount to be released that is stated in the current request; and (e) you have occupied the premises, or intend to occupy the premises as soon as practicable; and (f) you intend to occupy the premises for at least 6 months of the first 12 months after it is practicable to occupy the premises.
(ii) ending 12 months (or if extended under subsection (2) , that longer period) after the day you make the current request; and
313-35(2)
The Commissioner may extend the period for entering into a contract by up to 12 months.
Note:
If you request an extension of the period, you may object against a decision of the Commissioner under this section (see section 313-85 ).
This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.