FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)
The Commissioner must give the provider of an FHSA a notice in accordance with this section if the Commissioner has reason to believe that the FHSA holder does not satisfy the FHSA eligibility requirements.
Note 1:
The Commissioner may give the provider a notice under subsection 67(2) if a correct TFN was not quoted for the FHSA holder.
Note 2:
The person may still satisfy the FHSA eligibility requirements even though the person has acquired a qualifying interest in his or her main residence (see subsection 15(3) ).
View history note
Hide history note21(2)
If the Commissioner gives a notice under subsection (1), the Commissioner must give a copy of the notice to the FHSA holder.
21(3)
The notice must describe the operation of the following provisions that results from the notice being given:
(a) section 22 (requirement to close inactive FHSA);
(aa) if the FHSA holder does not satisfy the FHSA eligibility requirements only because of paragraph 15(1)(c) (about never holding a qualifying interest) - subparagraph 23(1)(b)(iii) (about holder needing to notify provider if wants FHSA to remain open until an FHSA mortgage payment can be paid);
(b) section 26 (limit on contributions to inactive FHSA);
(c) sections 32 and 35 (limit on payments from FHSA).
21(4)
The Commissioner must give the FHSA provider a written revocation of the notice if:
(a) if paragraph (3)(aa) applies to the notice - the Commissioner becomes satisfied that the FHSA holder satisfies paragraph 15(1)(c) ; and
(aa) if paragraph (3)(aa) does not apply to the notice - the Commissioner becomes satisfied that the FHSA holder satisfies the FHSA eligibility requirements; and
(b) 30 days have not yet elapsed since the Commissioner gave the FHSA provider the notice; and
(c) the FHSA has not yet been closed in accordance with paragraph 22(2)(b).
21(5)
If the Commissioner gives a revocation under subsection (4), the Commissioner must give a copy of it to the FHSA holder.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
