FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 3 - ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES  

Division 1 - Eligibility rules  

SECTION 19   Obligation of FHSA provider in opening or issuing FHSA  

19(1)    
An FHSA provider must not open or issue an FHSA for a person unless:

(a) the person has given the provider an application in the approved form; and

(b) the application states that:

(i) the person meets the FHSA eligibility requirements; and

(ii) if the person already holds an FHSA - the person will ensure that the balance of the FHSA will be transferred to the FHSA to be opened or issued; and

(iii) if the person held an FHSA that was closed, and nevertheless meets the FHSA eligibility requirements because of paragraph 15(2)(b) - the initial contribution to the FHSA to be opened or issued will be made in accordance with paragraph 17(3)(c) ; and

(iv) if the person held an FHSA that was closed, and nevertheless meets the FHSA eligibility requirements because of paragraph 15(2)(d) - the initial contribution to the FHSA to be opened or issued will be made in accordance with subparagraph 51C(2)(b)(i) ; and

(v) if the person already holds an FHSA that is inactive only because of paragraph 23(1)(c) or (e) - the FHSA to be opened or issued will be inactive because of paragraph 23(1)(e) ; and

(c) the person has quoted his or her tax file number to the provider in connection with the operation of this Act and the Superannuation Acts.

Note 1:

For paragraph (b), the person may still satisfy the FHSA eligibility requirements even though the person has acquired a qualifying interest in his or her main residence (see subsection 15(3) ).

Note 2:

Making a false statement in the application may constitute an offence: see subsection 8J(9) and sections 8K and 8N of the Taxation Administration Act 1953 .

Offence

19(2)    
A person commits an offence if the person contravenes subsection (1).

Penalty: 100 penalty units.

Validity of transaction not affected by contravention

19(3)    
A contravention of subsection (1) does not affect the validity of a transaction.

Note:

Section 128A prevents this section from applying to the opening of an FHSA on a person's behalf by APRA or a liquidator under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 .