FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 2 - KEY CONCEPTS AND OTHER DEFINITIONS  

Division 1 - Key concepts  

SECTION 11   Meanings of Government FHSA contribution and personal FHSA contribution  

11(1)    
A contribution to an FHSA or other payment by the Commissioner that is payable under Part 4 of this Act for a person is a Government FHSA contribution of the person.

11(2)    
A contribution that a person makes, or that is made for the benefit of the person, to an FHSA held by the person is a personal FHSA contribution of the person (unless the contribution is a Government FHSA contribution of the person).

11(3)    
However, a contribution to an FHSA held by a person is not a personal FHSA contribution of the person if:

(a) the contribution is by way of transfer to the FHSA from another FHSA held by the person; or

(b) the contribution is made because of a family law obligation; or

(c) the following conditions are satisfied:

(i) an FHSA home acquisition payment was previously made from an FHSA held by the person;

(ii) the payment satisfies the FHSA payment conditions because of subsection 17(3) ;

(iii) the contribution to the FHSA is by way of a recontribution of all or part of the FHSA home acquisition payment; or

(d) the payment is repaid from the FHSA in accordance with:

(i) subsection 25(2) , 26(2) or 27(2) ; or

(ii) subsection 992A(4) (unsolicited offer of financial product), section 1016F (defective product disclosure document) or section 1019B (cooling-off period) of the Corporations Act 2001 ; or

(e) the contribution is of a kind mentioned in subparagraph 51C(2)(b)(i) (recontribution of unclaimed money).