FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 3 - ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES  

Division 3 - Restrictions on payments from FHSAs  

SECTION 31   FHSA provider must not make payment from FHSA unless authorised by law etc.  

31(1)    
The provider of an FHSA must not make a payment from the FHSA unless:

(a) the provider must make the payment under:

(i) section 32 (FHSA home acquisition payment); or

(ia) section 32A (FHSA mortgage payment); or

(ii) section 33 (FHSA holder aged 60 or over); or

(b) the provider must make the payment under:

(i) subsection 22(2) (compulsory contribution of balance of inactive FHSA to superannuation etc.); or

(ii) section 34 (voluntary contribution of balance of FHSA to superannuation); or

(iii) section 35 (voluntary transfer of balance of FHSA to another FHSA); or

(iv) subsection 51B(1) (compulsory payment of unclaimed money); or

(c) the payment is made because a family law obligation requires it to be made:

(i) by way of a contribution to a superannuation interest of the FHSA holder ' s spouse or former spouse in a complying superannuation plan; or

(ii) by way of transfer to an FHSA held by the FHSA holder ' s spouse or former spouse; or

(iii) to the FHSA holder ' s spouse or former spouse, if the spouse or former spouse is aged 60 or over; or

(d) the payment is a repayment made in accordance with subsection 25(2) , 26(2) or 27(2) ; or

(da) the FHSA holder has given a declaration, in the approved form, to the FHSA provider stating that he or she has never held another FHSA and that the payment is a repayment made in accordance with:

(i) subsection 992A(4) of the Corporations Act 2001 (unsolicited offer of financial product); or

(ii) section 1016F of that Act (defective product disclosure document); or

(iii) section 1019B of that Act (cooling-off period); or

(e) the FHSA holder is deceased; or

(f) the payment is of an amount of fees owing to the FHSA provider for providing the FHSA; or

(g) the payment is of an amount owing to the Commonwealth in respect of overpayments of Government FHSA contributions; or

(h) the payment is to enable the provider to make a payment of an amount of tax.

Note 1:

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 ).

Note 2:

If an entitlement under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 arises in connection with the FHSA, this section does not prevent a payment from the FHSA connected with the right to be paid that section 16AI of that Act gives APRA in relation to the FHSA (see section 128A of this Act).

Offence

31(2)    
A person commits an offence if the person contravenes subsection (1).

Penalty: 100 penalty units.

Validity of transaction not affected by contravention

31(3)    
A contravention of subsection (1) does not affect the validity of a transaction.