First Home Saver Accounts (Consequential Amendments) Act 2008 (45 of 2008)
Schedule 1 Main taxation related amendments
Taxation Administration Act 1953
66 After Division 390 of Part 5-25 of Schedule 1
Insert:
Division 391 - First home saver account reporting
Table of Subdivisions
Guide to Division 391
391-A Account activity statements
391-B Transfer statements
Guide to Division 391
391-1 What this Division is about
FHSA providers must give the Commissioner information periodically about FHSAs (such as information about contributions made to FHSAs).
FHSA providers are also required to give information to other FHSA providers when making transfer payments from FHSAs to other FHSAs or to superannuation interests.
Subdivision 391-A - Account activity statements
Table of sections
391-5 FHSA account activity statements
391-5 FHSA account activity statements
(1) An *FHSA provider must give the Commissioner the following statements under this section:
(a) a statement in relation to the amount of *personal FHSA contributions (if any) made to each *FHSA provided by the provider during the period mentioned in subsection (3) for that kind of statement;
(b) a statement in relation to the balance of an FHSA provided by the provider during the period mentioned in subsection (3) for that kind of statement;
(c) a statement in relation to each FHSA opened or issued (if any) by the provider during the period specified in subsection (3) for that kind of statement;
(d) a statement in relation to each FHSA closed (if any) by the provider during the period specified in subsection (3) for that kind of statement;
(e) a statement in relation to payments (other than a payment of a kind mentioned in subparagraph 31(1)(b)(iii) or paragraph (1)(f) or (g) of the First Home Saver Accounts Act 2008) (if any) made from each FHSA provided by the provider during the period specified in subsection (3) for that kind of statement.
Note: Section 286-75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of any of these paragraphs. A breach of any of these paragraphs may also be an offence under section 8C of that Act.
(2) However, the provider is not required to give a statement mentioned in paragraph (1)(a) if, during the period, the provider transferred the balance of the *FHSA to another FHSA.
(3) The period for a particular kind of statement under subsection (1) is:
(a) a financial year; or
(b) if the Commissioner determines another period under subsection (4) for the kind of statement - that period.
(4) The Commissioner may determine, by legislative instrument, a period mentioned in subsection (1) for a kind of statement.
(5) A statement under subsection (1) must be in the *approved form.
(6) A statement must be given to the Commissioner on or before a day specified in the determination under subsection (7) for the statement.
Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.
(7) The Commissioner may determine, by legislative instrument, the day, on or before which, a statement under subsection (1) must be given to the Commissioner.
(8) The day specified in the determination may be different:
(a) for different kinds of *FHSA provider; and
(b) in relation to any other matter.
(9) Subsection (8) does not limit the way in which the determination may specify the day.
(10) The *approved form may require a statement to contain the following:
(a) the *tax file number of the *FHSA holder;
(b) the tax file number of the *FHSA provider.
(11) Subsection (10) does not limit the information that the *approved form may require a statement to contain.
Subdivision 391-B - Transfer statements
Table of sections
391-10 Statements about transfer payments between FHSAs etc.
391-10 Statements about transfer payments between FHSAs etc.
(1) This section applies if an *FHSA provider (the first provider ) in relation to an *FHSA (the first FHSA ) makes a payment from the FHSA:
(a) to an FHSA provided by another FHSA provider, in accordance with section 35 of the First Home Saver Accounts Act 2008; or
(b) to a *superannuation provider in relation to a *complying superannuation plan, in accordance with section 22 or 34 of that Act.
(2) The first provider must:
(a) give the other *FHSA provider or *superannuation provider a statement in relation to the payment within 7 days after the day on which the payment is made; and
(b) give the individual for whose benefit the payment is made a statement in relation to the payment within 30 days after the day on which the payment is made.
Note: Section 286-75 provides an administrative penalty for breach of this subsection.
(3) A statement under subsection (2) must be in the *approved form.
Note: Section 388-55 allows the Commissioner to defer the time for giving an approved form.
(4) The *approved form may require the statement to contain the following information:
(a) information relating to *personal FHSA contributions made to the first FHSA;
(b) information relating to the FHSA holder, including whether the individual is in breach of the account balance cap and whether the condition in subparagraph 32(1)(c)(i) of the First Home Saver Accounts Act 2008 has been met in relation to the individual.
(5) Subsection (4) does not limit the information that the *approved form may require the statement to contain.
(6) The *approved form may require the statement to contain the *tax file number of:
(a) the first provider; and
(b) the *FHSA holder.