FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 3 - ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES  

Division 2 - Contributions to FHSAs  

SECTION 25   Limit on contributions to FHSAs - account holder aged 65 or over  

25(1)    
The provider of an FHSA must not allow an amount to be contributed to the FHSA if the holder of the account is aged 65 or older.

Note:

In these circumstances the Commissioner may be able to pay a Government FHSA contribution directly to the FHSA holder (see section 41 ).

25(2)    
The FHSA provider does not contravene subsection (1) if the provider repays the amount from the FHSA to the FHSA holder within 30 days after receiving it.

Offence

25(3)    
A person commits an offence if the person contravenes subsection (1).

Penalty: 100 penalty units.

Validity of transaction not affected by contravention

25(4)    
A contravention of subsection (1) does not affect the validity of a transaction.