FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 3 - ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES  

Division 2 - Contributions to FHSAs  

SECTION 27   Limit on contributions to FHSAs - holder in breach of account balance cap  

27(1)    
The provider of an FHSA must not allow an amount to be contributed to the FHSA at a time if:

(a) either:

(i) the FHSA holder is in breach of the account balance cap at the time the amount is to be paid; or

(ii) the FHSA holder would be in breach of the account balance cap at that time if the amount were paid; and

(b) the contribution would not be:

(i) a Government FHSA contribution; or

(ii) a contribution mentioned in paragraph 11(3)(a) (transfer to the FHSA from another FHSA held by the FHSA holder); or

(iii) a contribution mentioned in paragraph 11(3)(c) (recontribution of FHSA home acquisition payment after failure to occupy a dwelling); or

(iv) a contribution mentioned in subparagraph 51C(2)(b)(i) (recontribution of unclaimed money).

Note:

This subsection does not prevent the FHSA provider from allowing part of a sum paid to it to be contributed to the FHSA.

27(2)    
The FHSA provider (the first provider ) does not contravene subsection (1) if:

(a) in the case of a transfer made by another FHSA provider (the second provider ) in the circumstances mentioned in subparagraph 31(1)(c)(ii) (transfer because of a family law obligation) - the first provider repays the amount from the FHSA to the second provider within 30 days after receiving it; or

(b) in any other case - the first provider repays the amount from the FHSA to the FHSA holder within 30 days after receiving it.

Offence

27(3)    
A person commits an offence if the person contravenes subsection (1).

Penalty: 100 penalty units.

Validity of transaction not affected by contravention

27(4)    
A contravention of subsection (1) does not affect the validity of a transaction.