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

Schedule 2   Amendments commencing the day after Royal Assent

First Home Saver Accounts Act 2008

12   At the end of Division 1 of Part 2

Add:

17A Meaning of unclaimed money

The balance of an FHSA held by a person is unclaimed money in relation to the person if:

(a) no contributions have been made to, and no payments (other than a payment of a kind mentioned in paragraph 31(1)(f), (g) or (h)) have been made from, the FHSA for a period of at least 7 years; and

(b) after the end of that period the FHSA provider has been unable to contact the person after making reasonable efforts.