FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 3 - ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES  

Division 4 - Requirements to make payments from FHSAs  

SECTION 34   Payment of FHSA balance as contribution to superannuation  

34(1)    
This section applies if:

(a) an FHSA holder requests the FHSA provider to pay the balance of the FHSA by way of a contribution to a superannuation interest of the FHSA holder in a complying superannuation plan; and

(b) the request is in the approved form; and

(c) either:

(i) the FHSA provider has not received a notice from the Commissioner in accordance with subsection 67(2) ; or

(ii) if the FHSA provider has received such a notice - the provider has received a revocation of that notice.

34(2)    
The FHSA provider must pay the amount as requested:

(a) as soon as practicable after the application is made; and

(b) no later than 30 days after the application is made.

Offence

34(3)    
A person commits an offence if the person contravenes subsection (2).

Penalty: 100 penalty units.

Validity of transaction not affected by contravention

34(4)    
A contravention of subsection (2) does not affect the validity of a transaction.