Treasury Laws Amendment (2023 Measures No. 3) Act 2023 (75 of 2023)

Schedule 4   Improving the flexibility of the First Home Super Saver Scheme

Income Tax Assessment Act 1997

10   Paragraphs 313-35(1)(b) and (c)

Repeal the paragraphs, substitute:

(b) you make a valid request (the current request ) under section 131-5 in Schedule 1 to the Taxation Administration Act 1953 for a release authority in relation to that determination; and

(ba) that current request is your first such request, or one of the following subparagraphs applies for each of your previous valid requests for such a release authority:

(i) you have withdrawn the request;

(ii) the Commissioner has revoked the release authority issued in relation to the request (whether or not the release authority had previously been varied);

(iii) after one or more amendments of the request, you have withdrawn the latest of those amended requests;

(iv) the Commissioner has revoked the release authority issued in relation to the latest of one or more amendments of the request (whether or not the release authority had previously been varied); and

(c) you enter into a contract to purchase or construct a *CGT asset that is a *residential premises in Australia within the period:

(i) beginning 90 days before the day you make the first of the valid requests referred to in paragraph (ba); and

(ii) ending 12 months (or if extended under subsection (2), that longer period) after the day you make the current request; and