Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 313 - First home super saver scheme  

Subdivision 313-B - Assessable income and tax offset  

Operative provisions

SECTION 313-20   Amount included in assessable income  

313-20(1)    
Your assessable income, for the income year that corresponds to the *financial year for which you requested the release authority, includes an amount that is equal to the sum of the following amounts stated in the *first home super saver determination:

(a) your *concessional contributions;

(b) your associated earnings.

313-20(2)    
However, if the sum of the *FHSS released amounts is less than the *FHSS maximum release amount stated in the determination, the amount included in your assessable income for the income year is:

(a) the amount worked out under subsection (1); less

(b) the difference between the FHSS maximum release amount and the sum of the FHSS released amounts.

313-20(3)    
If the amount worked out under subsection (2) is negative, the amount included in your assessable income for the income year is nil.

Note 1:

The release authorities are issued under Division 131 in Schedule 1 to the Taxation Administration Act 1953 .

Note 2:

Any amounts paid in response to the release authorities are non-assessable non-exempt income (see section 303-15).