FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 3 - ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES  

Division 4 - Requirements to make payments from FHSAs  

SECTION 35   Payment of FHSA balance as transfer to another FHSA  

35(1)    
This section applies if:

(a) an FHSA holder requests the FHSA provider to pay the balance of the FHSA (the first FHSA ) by way of transfer to another FHSA held by the FHSA holder; and

(b) the request is in the approved form; and

(c) either:

(i) the first FHSA is not inactive; or

(ii) the first FHSA is inactive only because of paragraph 23(1)(c) or (e) (about an FHSA remaining open until an FHSA mortgage payment can be paid).

35(2)    
The FHSA provider must pay the amount as requested:

(a) as soon as practicable after the application is made; and

(b) no later than 30 days after the application is made.

Note:

If the other FHSA is provided by another entity, the FHSA provider must give that entity a statement in accordance with section 391-10 in Schedule 1 to the Taxation Administration Act 1953 .

Offence

35(3)    
A person commits an offence if the person contravenes subsection (2).

Penalty: 100 penalty units.

Validity of transaction not affected by contravention

35(4)    
A contravention of subsection (2) does not affect the validity of a transaction.