Corporations Amendment Regulations 2008 (No. 4) (158 of 2008)

Schedule 1   Amendments

[12]   After regulation 7.9.74A

insert

7.9.74B Periodic statements - additional details for First Home Saver Accounts

(1) For paragraph 1017D (5) (g) of the Act, a periodic statement for an FHSA product must include the following words:

The First Home Saver Account is an Australian Government initiative to help Australians save for their first home.

(2) For paragraph 1017D (5) (g) of the Act, a periodic statement for an FHSA product must state the number of financial years, after the end of the reporting period for the statement, during which the holder of the product must make personal FHSA contributions as required by the First Home Saver Accounts Act 2008 for a payment to be made out of the product under section 32 of that Act.

(3) However, if the number of years is 0, the periodic statement must state that the holder may, subject to the First Home Saver Accounts Act 2008, apply for payment from the product to acquire a qualifying interest in a dwelling.

(4) In this regulation:

personal FHSA contribution has the meaning given in section 11 of the First Home Saver Accounts Act 2008.

qualifying interest, in a dwelling, has the meaning given by section 12 of the First Home Saver Accounts Act 2008.