First Home Saver Accounts (Consequential Amendments) Act 2008 (45 of 2008)

Schedule 1   Main taxation related amendments

Income Tax Assessment Act 1997

25   Subsection 295-555(1)

Repeal the subsection, substitute:

(1) The taxable income of an *RSA provider is split into:

(a) an *RSA component; and

(b) if the RSA provider is also an *FHSA provider - an *FHSA component; and

(c) a *standard component.

Note: The RSA component and the FHSA component (if applicable) are taxed at the same concessional rate that applies to the low tax component of complying superannuation funds, complying approved deposit funds and pooled superannuation trusts (see section 23 of the Income Tax Rates Act 1986). The standard component is taxed at the standard company rate.