Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Act 2017 (132 of 2017)

Schedule 1   First home super saver scheme

Part 3   Other amendments

Division 1   Definitions

Income Tax Assessment Act 1997

21   Subsection 995-1(1)

Insert:

assessable FHSS released amount , for an income year, means the amount included in a person's assessable income for the income year under section 313-20 in respect of the person's *FHSS released amounts.

assessed first home super saver tax means *first home super saver tax, as assessed under Schedule 1 to the Taxation Administration Act 1953.

FHSS eligible concessional contribution for a *financial year means a *concessional contribution for the financial year that is eligible to be released under section 138-35 in Schedule 1 to the Taxation Administration Act 1953.

FHSS eligible non-concessional contribution for a *financial year means a *non-concessional contribution for the financial year that is eligible to be released under section 138-35 in Schedule 1 to the Taxation Administration Act 1953.

FHSS maximum release amount has the meaning given by section 138-25 in Schedule 1 to the Taxation Administration Act 1953.

FHSS releasable contributions amount has the meaning given by subsection 138-30(1) in Schedule 1 to the Taxation Administration Act 1953.

FHSS released amounts has the meaning given by section 313-10.

first home super saver determination has the meaning given by subsection 138-10(1) in Schedule 1 to the Taxation Administration Act 1953.

first home super saver scheme means the scheme set out in:

(a) Division 313; and

(b) Division 138 in Schedule 1 to the Taxation Administration Act 1953;

and other provisions as they relate to those Divisions.

first home super saver tax means the tax imposed by the First Home Super Saver Tax Act 2017.