FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 2 - KEY CONCEPTS AND OTHER DEFINITIONS  

Division 1 - Key concepts  

SECTION 16   Meaning of FHSA ineligibility payment  
When acquisition payments are ineligibility payments

16(1)    
A payment from an FHSA held by a person is an FHSA ineligibility payment if:

(a) the payment is an FHSA home acquisition payment; and

(b) the person did not satisfy the FHSA eligibility requirements when the payment was made.

Note:

This Act does not provide for the consequences of the payment being an FHSA ineligibility payment. However, the FHSA holder will be liable for FHSA misuse tax in accordance with Subdivision 345-C of the Income Tax Assessment Act 1997 .

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History

S 16(1) renumbered from 16 by No 31 of 2011, s 3 and Sch 3 item 3, by insering " (1) " before " A " , applicable in relation to acquisitions of qualifying interests in dwellings on or after 26 May 2011.

When mortgage payments are ineligibility payments

16(2)    
A payment from an FHSA held by a person is an FHSA ineligibility payment if:

(a) the payment is an FHSA mortgage payment; and

(b) the person did not satisfy the FHSA eligibility requirements when the payment was made.

Note 1:

For paragraph (b), the person ' s acquisition of a qualifying interest in his or her main residence can be disregarded (see subsection 15(3)).

Note 2:

This Act does not provide for the consequences of the payment being an FHSA ineligibility payment. However, the FHSA holder will be liable for FHSA misuse tax in accordance with Subdivision 345-C of the Income Tax Assessment Act 1997 .