FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 4 - GOVERNMENT FHSA CONTRIBUTIONS  

Division 3 - Underpayments of Government FHSA contribution  

SECTION 46   Underpayment determinations  

46(1)    
This section applies if the Commissioner:

(a) pays an amount by way of a Government FHSA contribution for a person for a financial year; and

(b) is satisfied that the amount paid is less than the correct amount of the contribution.

46(2)    
The amount by which the correct amount exceeds the amount paid is the underpaid amount .

46(3)    
The Commissioner must determine that the underpaid amount is to be paid for the person for the financial year.

46(4)    
If the Commissioner makes a determination under subsection (3), the Commissioner must determine whether the underpaid amount is to be paid:

(a) to an FHSA held by the person; or

(b) to a superannuation interest of the person in a complying superannuation plan; or

(c) to the person; or

(d) to the person ' s legal personal representative.

46(5)    
The Commissioner must, in accordance with determinations made under this section, pay the underpaid amount on or before the last day (the payment date ) of the period mentioned in subsection (6).

46(6)    
The period:

(a) starts on the later of the following days:

(i) the day on which the income tax return is lodged for the person, or the notice is given in accordance with section 37 for the person, as the case requires, for the income year corresponding to the financial year;

(ii) the day on which the statement (relating to personal FHSA contributions) for the person for the financial year is given to the Commissioner under section 391-5 in Schedule 1 to the Taxation Administration Act 1953 ; and

(b) ends 60 days later.