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

30   Transitional - assisting individuals who have unsuccessfully attempted to obtain FHSS released amounts

(1) This item applies if:

(a) a first home super saver determination (the original determination ) was made in relation to you during the period:

(i) starting on 1 July 2018; and

(ii) ending immediately before the commencement of this Schedule; and

(b) after the original determination was made, you begin holding an interest that:

(i) relates to real property or land; and

(ii) is an interest of a kind mentioned in paragraph 138-10(2)(a) in Schedule 1 to the Taxation Administration Act 1953 (as amended by this Schedule); and

(c) during the 3-year period starting at the commencement of this Schedule, you take one or more of the following actions:

(i) apply, under subsection 138-13(2) in Schedule 1 to the Taxation Administration Act 1953, to amend the original determination;

(ii) amend, under subsection 131-12(1) in that Schedule, your valid request relating to the original determination;

(iii) apply, under subsection 131-30(3) in that Schedule, to vary a release authority issued in relation to the original determination; and

(d) when you take such an action, the Commissioner has not begun treating, under Division 3 of Part IIB of the Taxation Administration Act 1953, any credit to which you have become entitled:

(i) under section 131-65 in Schedule 1 to that Act; and

(ii) in relation to a release authority relating to any first home super saver determination made in relation to you.

(2) For the purposes of an action covered by paragraph (1)(c), each of the following provisions in Schedule 1 to the Taxation Administration Act 1953:

(a) paragraph 138-13(1)(a);

(b) paragraph 131-12(1)(b);

(c) subparagraph 131-30(2)(a)(ii);

applies to you as if you satisfy paragraph 138-10(2)(a) in that Schedule.

Note: This means the fact that you now hold that interest relating to real property or land does not prevent you from seeking to:

(a) amend the original determination; or

(b) amend your valid request for a release authority relating to the original determination; or

(c) vary a release authority issued in relation to the original determination.

(3) However, any amendment of the original determination as a result of this item:

(a) must not state an FHSS maximum release amount that exceeds what that amount could have been at the time the original determination was made; and

(b) must reflect the limits that were in paragraphs 138-35(1)(a) and (b) in Schedule 1 to the Taxation Administration Act 1953 at the time the original determination was made.

(4) Subdivisions 313-C to 313-E of the Income Tax Assessment Act 1997 do not apply to you in circumstances relating to, or resulting from, (whether directly or indirectly) an action covered by paragraph (1)(c) of this item.