Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 313 - First home super saver scheme  

Subdivision 313-D - Contributing amounts to superannuation  

Operative provisions

SECTION 313-50   Contributing amounts to superannuation  

313-50(1)    
This section applies to you if:

(a) you do not notify the Commissioner in accordance with section 313-40 (about purchasing or constructing a *residential premises); and

(b) you make one or more *non-concessional contributions the sum of which is at least equal to:

(i) your *assessable FHSS released amount for an income year; less

(ii) the amount withheld by the Commissioner from your *FHSS released amounts under section 12-460 in Schedule 1 to the Taxation Administration Act 1953 ; and

(c) you make the contributions within the period mentioned in paragraph 313-35(1)(c) .

Note:

Paragraph 313-35(1)(c) sets out the period in which you must have entered into a contract to purchase or construct a residential premises.

313-50(2)    
You may notify the Commissioner in the *approved form that you have made the contributions mentioned in paragraph (1)(b).

Note 1:

If you notify the Commissioner, you cannot deduct the contribution (see section 290-168 ).

Note 2:

If you do not notify the Commissioner, you may be liable for tax (see Subdivision 313-E ).

313-50(3)    

The notification must be made within the period mentioned in paragraph 313-35(1)(c) or such longer period as the Commissioner allows under this subsection.

Note:

If you request an extension of the period, you may object against a decision of the Commissioner under this subsection (see section 313-85 ).

313-50(4)    
Subsection (2) does not limit the information that the *approved form may require the notification to contain.