FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 3 - ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES  

Division 2 - Contributions to FHSAs  

SECTION 26   Limit on contributions to FHSAs - inactive FHSA  

26(1)    
The provider of an FHSA must not allow an amount to be contributed to the FHSA if it is inactive.

26(2)    
The FHSA provider does not contravene subsection (1) if:

(a) the provider repays the amount from the FHSA to the FHSA holder within 30 days after receiving it; or

(b) the amount is a Government FHSA contribution; or

(c) the FHSA is inactive only because of paragraph 23(1)(e) , and the amount:

(i) was the initial contribution to the FHSA; and

(ii) immediately before being contributed, was the balance of another FHSA.

Offence

26(3)    
A person commits an offence if the person contravenes subsection (1).

Penalty: 100 penalty units.

Validity of transaction not affected by contravention

26(4)    
A contravention of subsection (1) does not affect the validity of a transaction.