FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 4 - GOVERNMENT FHSA CONTRIBUTIONS  

Division 1 - Eligibility for and amount of a Government FHSA contribution  

SECTION 38   Amount of Government FHSA contribution  

38(1)    
Work out the amount of a Government FHSA contribution for a person for a financial year in accordance with this section.

38(2)    
First work out the following (the covered contributions ):

(a) add up the personal FHSA contributions that were made during the financial year for the person; and

(b) if the total exceeds the Government FHSA contribution threshold for that financial year (see section 39 ) - disregard the excess.

38(3)    
The amount of the Government FHSA contribution is the covered contributions multiplied by 17 % .

38(4)    
If (apart from this subsection) the amount of the Government FHSA contribution would be less than $ 20, the amount of the Government FHSA contribution is increased to $ 20.

38(5)    
If (apart from this subsection) the amount of the Government FHSA contribution would fall short of a multiple of $ 1, the amount of the Government FHSA contribution is increased by that shortfall.