First Home Saver Accounts (Further Provisions) Amendment Act 2008 (92 of 2008)

Schedule 1   Amendments applying from 1 October 2008

Income Tax Assessment Act 1997

22   At the end of Subdivision 345-A of Division 345 of Part 3-45

Add:

345-25 FHSA provider that is an ADI (other than an RSA provider) - amounts that cannot be deducted

An *FHSA provider that is an *ADI (other than an *RSA provider) cannot deduct anything for amounts credited to *FHSAs.

345-30 Amounts of tax paid by FHSA providers that are ADIs

An amount is not assessable income and is not *exempt income of an *FHSA provider if:

(a) the amount is paid from an *FHSA to the FHSA provider to enable the provider to make a payment of a kind mentioned in paragraph 31(1)(h) of the First Home Saver Accounts Act 2008; and

(b) the provider is an ADI.