FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 3 - ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES  

Division 1 - Eligibility rules  

SECTION 22   FHSA provider to close FHSA if inactive in some cases or FHSA mortgage payment made  

22(1)    
This section applies if:


(a) an FHSA becomes inactive under paragraph 23(1)(a) or (b) , and the FHSA provider has not received a revocation of the notice mentioned in that paragraph before the 30th day (the trigger day ) after the FHSA provider received the notice; or


(b) an FHSA becomes inactive under subsection 23(2) , (3) or (4) on a particular day (also the trigger day ); or


(c) the provider of an FHSA makes an FHSA mortgage payment from the FHSA on a particular day (also the trigger day ), and the balance of the FHSA immediately after the payment is more than nil.

 View history note

22(2)    
The FHSA provider must, within 14 days after the trigger day:


(a) pay the entire balance of the FHSA to:


(i) if the FHSA holder is aged 60 or over and has given the FHSA provider a statement that he or she wants the balance of the FHSA to be paid to him or her - the FHSA holder; or

(ii) otherwise - the superannuation interest mentioned in subsection (3); and


(b) close the FHSA.

Note:

If the FHSA holder becomes bankrupt, this section does not prevent a payment from the FHSA that is property divisible amongst the holder ' s creditors (see section 128 ).

22(3)    
The superannuation interest is:


(a) if, for the purposes this paragraph, the FHSA holder has notified the FHSA provider in writing of a particular superannuation interest of the holder in a complying superannuation plan - that superannuation interest; or


(b) otherwise - to a superannuation interest for the benefit of the FHSA holder in the FHSA provider ' s default superannuation plan (see section 24 ).

Offence

22(4)    
A person commits an offence if the person contravenes subsection (2).

Penalty: 100 penalty units.



Validity of transaction not affected by contravention

22(5)    
A contravention of subsection (2) does not affect the validity of a transaction.

 

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