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

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

Taxation Administration Act 1953

16   Section 131-30 in Schedule 1

Repeal the section, substitute:

131-30 Varying or revoking a release authority

Release authority not relating to an FHSS determination

(1) The Commissioner may decide to vary or revoke a release authority issued:

(a) under section 131-15; and

(b) in relation to a determination, or assessment, mentioned in paragraph 131-5(1)(a), (b) or (c) and given to you;

at any time before the Commissioner is given a notice under section 131-50 relating to the release authority.

Release authority relating to an FHSS determination

(2) For a release authority issued under section 131-15 in relation to a *first home super saver determination given to you, the Commissioner may decide to:

(a) vary the release authority if:

(i) the varied release authority would be consistent with paragraph 131-5(3)(a); and

(ii) you satisfy paragraphs 138-10(2)(a) and (b); or

(b) revoke the release authority;

at any time before the Commissioner begins treating, under Division 3 of Part IIB, any credit to which you have become entitled under section 131-65 in relation to the release authority.

(3) The Commissioner may make a decision under subsection (2):

(a) on the Commissioner's own initiative; or

(b) on application by you to the Commissioner in the *approved form.

(4) If a release authority is varied or revoked under subsection (2) at a particular time, then any entitlement under section 131-65 you had to a credit relating to the release authority ceases at that time.

(5) The revocation of a release authority under subsection (2) does not prevent you from making a later request under section 131-5 in relation to the same *first home super saver determination.

Reissuing varied release authorities

(6) If the Commissioner varies a release authority under this section at a particular time, then:

(a) at that time, the release authority (as issued before the variation) ceases to be in force; and

(b) the Commissioner must reissue the release authority (as varied) under section 131-15.

Review

(7) If you are dissatisfied with a decision under subsection (2) by the Commissioner in relation to you:

(a) to vary or revoke a release authority; or

(b) not to vary or revoke a release authority;

you may object against it in the manner set out in Part IVC of this Act.