FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 2 - KEY CONCEPTS AND OTHER DEFINITIONS  

Division 2 - Other definitions  

SECTION 18  

18   Definitions  
In this Act:

ABN
(short for Australian Business Number) has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 .

account balance cap
has the meaning given by section 29 .

acquire :
a person acquires a qualifying interest in a dwelling in the circumstances mentioned in subsection 12(6) .

ADI
(short for authorised deposit-taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959 .

approved form
means a form approved by the Regulator, in writing, for the purposes of the provision in which the expression appears.

APRA
means the Australian Prudential Regulation Authority.

arm's length
has the same meaning as in the Income Tax Assessment Act 1997 .

ASIC
means the Australian Securities and Investments Commission.

associate
has the same meaning as in the Income Tax Assessment Act 1997 .

authorisation as an FHSA provider
means an authorisation granted under section 92 .

authorised person
means a person appointed as an authorised person under section 80 .

base interest rate
for a day has the same meaning as in section 8AAD of the Taxation Administration Act 1953 .

breach :
an FHSA holder is in breach of the account balance cap in the circumstances mentioned in section 28 .

Commissioner
means the Commissioner of Taxation.

complying superannuation plan
has the same meaning as in the Income Tax Assessment Act 1997 .

contribution
means a contribution of money, and includes a deposit into an account held at an ADI and a payment of a premium to a life insurance company.

data processing device
means any article or material (for example, a disc) from which information is capable of being reproduced with or without the aid of any other article or device.

decision
includes a decision not to make a determination under section 41 or 46 .

deed
includes an instrument having the effect of a deed.

default superannuation plan
has the meaning given by section 24 .

Deputy Commissioner
means a Deputy Commissioner of Taxation.

examinable documents
means any documents relevant to the operation of a provision of this Act for which the Commissioner has the general administration, or regulations made for the purposes of such a provision.

family law obligation
means:

(a) a court order under the Family Law Act 1975 ; or

(b) a financial agreement made under Part VIIIA of the Family Law Act 1975 that is binding because of section 90G of that Act; or

(c) a Part VIIIAB financial agreement (within the meaning of the Family Law Act 1975 ) that is binding because of section 90UJ of that Act.

FHSA
(short for first home saver account) has the meaning given by section 8 .

FHSA eligibility requirements
has the meaning given by section 15 .

FHSA holder
has the meaning given by section 9 .

FHSA home acquisition payment
has the meaning given by section 14 .

FHSA ineligibility payment
has the meaning given by section 16 .

FHSA mortgage payment
means a payment from an FHSA if the FHSA provider must make the payment under section 32A (about a payment for repaying a mortgage if a home is acquired before the qualifying period ends).

FHSA payment conditions :

(a) an FHSA home acquisition payment satisfies the FHSA payment conditions in the circumstances set out in subsections 17(1) to (4) ; and

(b) an FHSA mortgage payment satisfies the FHSA payment conditions in the circumstances set out in subsections 17(5) and (6) .

FHSA provider
has the meaning given by section 10 .

FHSA trust
means a trust of a kind mentioned in subparagraph 8(c)(iii).

financial services licensee
has the meaning given by Chapter 7 of the Corporations Act 2001 .

financial year
has the same meaning as in the Income Tax Assessment Act 1997 .

function
includes duty.

general interest charge
means the charge worked out under Part IIA of the Taxation Administration Act 1953 .

genuine mortgage :
a mortgage is a genuine mortgage if:

(a) when entering into the mortgage, the mortgagors and mortgagees deal with each other at arm ' s length; and

(b) none of the mortgagors is an associate of any of the mortgagees.

Government FHSA contribution
has the meaning given by section 11 .

Government FHSA contribution threshold
has the meaning given by section 39 .

hold :

(a) a person holds an FHSA in the circumstances mentioned in section 9 ; and

(b) a person holds a qualifying interest in a dwelling in the circumstances mentioned in section 12 .

inactive :
an FHSA is inactive in the circumstances mentioned in section 23 .

income tax return
means:

(a) a return under section 161 , 162 or 163 of the Income Tax Assessment Act 1936 ; or

(b) a return by the trustee of a deceased person ' s estate under Subdivision 260-E of Schedule 1 to the Taxation Administration Act 1953 .

income year
has the same meaning as in the Income Tax Assessment Act 1997 .

indexation factor
has the meaning given by subsections 30(3) and 40(3) .

index number
has the meaning given by subsections 30(5) and 40(5) .

legal personal representative
has the same meaning as in the Income Tax Assessment Act 1997 .

life insurance company
means a company registered under section 21 of the Life Insurance Act 1995 .

life policy
has the same meaning as in the Life Insurance Act 1995 .

main residence
has the meaning given by section 13 .

overpaid amount
has the meaning given by subsection 50(2) .

owner
, in relation to a policy, has the same meaning as in the Life Insurance Act 1995 .

person affected by a reviewable decision
, in relation to a reviewable decision, means the person in relation to which the decision was made.

personal FHSA contribution
has the meaning given by section 11 .

policy
has the same meaning as in the Life Insurance Act 1995 .

produce
includes permit access to.

protected information
(Repealed by No 145 of 2010)

provides
has the meaning given by section 10 .

Prudential Standards
has the meaning given by subsection 121(1) .

public offer entity
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

qualifying interest
in a dwelling has the meaning given by section 12 .

quarter
has the same meaning as in the Income Tax Assessment Act 1997 .

Regulator
means:

(a) APRA, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA; or

(b) ASIC, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC; or

(c) the Commissioner, if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by the Commissioner.

reporting period
has the same meaning as in subsection 1017D(2) of the Corporations Act 2001 .

responsible officer
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

reviewable decision
has the meaning given by section 74 .

RSE licence
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

RSE licensee
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

Second Commissioner
means a Second Commissioner of Taxation.

spouse
has the same meaning as in the Superannuation Industry (Supervision) Act 1993 .

Superannuation Acts
means:

(a) the Retirement Savings Accounts Act 1997 ; and

(b) the Superannuation Industry (Supervision) Act 1993 ; and

(c) the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ; and

(d) the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ; and

(e) the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and

(f) the Termination Payments Tax (Assessment and Collection) Act 1997 .

superannuation interest
has the same meaning as in the Income Tax Assessment Act 1997 .

superannuation provider
has the same meaning as in the Income Tax Assessment Act 1997 .

taxation law
has the same meaning as in the Income Tax Assessment Act 1997 .

tax file number
has the meaning given by section 202A of the Income Tax Assessment Act 1936 .

unclaimed money
has the meaning given by section 17A .

underpaid amount
has the meaning given by subsection 46(2) .