Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (70 of 2015)

Schedule 1   First Home Saver Accounts

Part 4   Application and transitional provisions

Division 3   Specific provisions

204   Government FHSA contributions

(1) A Government FHSA contribution is not payable for the 2014-15 financial year or a later financial year.

(2) The amendments made by this Schedule do not apply in relation to Government FHSA contributions for the 2013-14 financial year or an earlier financial year.

Example: Subsection 345-50(3) of the Income Tax Assessment Act 1997 (which makes Government FHSA contributions not assessable income and not exempt income) applies to a Government FHSA contribution for the 2013-14 year, even if it is paid after the repeal of that subsection by this Schedule.

(3) Despite anything in the FHSA Act or this Schedule, the Commissioner must not pay a Government FHSA contribution after 30 June 2017, unless the relevant income tax return is lodged, or the relevant notice is given, (as mentioned in paragraph 41(2)(a) of the FHSA Act) on or before 30 June 2017.