Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 2) Regulations 2018 (F2018L00739)

Schedule 1   Financial hardship

Taxation Administration Regulations 2017

1   At the end of Part 4

Add:

Division 3 - Financial hardship

61A Financial hardship determination

(1) For the purposes of subsection 138-10(2B) in Schedule 1 to the Act, the Commissioner is to determine that an individual has suffered a financial hardship if, and only if:

(a) the individual requests the Commissioner to make such a determination at the time when the individual requests a first home super saver determination; and

(b) the individual has previously held one or more property interests specified in paragraph 138-10(2)(a) in Schedule 1 to the Act; and

(c) the Commissioner is satisfied that:

(i) the individual suffered a financial hardship that resulted in the individual ceasing to hold any such property interests held at the time of the hardship; and

(ii) the individual has not held any other such property interests since that time.

(2) In determining whether to make a determination that an individual has suffered a financial hardship, the Commissioner may have regard to the information provided by the individual and any other information that the Commissioner considers relevant.