FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 4A - UNCLAIMED MONEY  

SECTION 51B   Payment of unclaimed money to ASIC on behalf of the Commonwealth  

51B(1)    
An FHSA provider commits an offence if:

(a) it gives a statement to ASIC under section 51A at a time; and

(b) at the same time, it does not pay to ASIC on behalf of the Commonwealth an amount equal to the amount of unclaimed money worked out under subsection (2).

Penalty: 50 penalty units.

51B(2)    
Work out the amount in accordance with the following formula:

Statement amount − Money paid − Remaining partial balances

where:

money paid
means the total of any amounts paid as mentioned in subsection 51A(4) .

remaining partial balances
means the total of the balances (if any) of any FHSAs from which amounts have been paid as mentioned in subsection 51A(4) .

statement amount
means the total of unclaimed money shown in the statement mentioned in subsection 51A(1) .

51B(3)    
Subject to section 51C , an FHSA provider is, upon payment to ASIC of an amount as required by this section, discharged from further liability in respect of that amount.