FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 1 - PRELIMINARY  

Division 2 - Simplified outline  

SECTION 7  

7   Simplified outline  
The following is a simplified outline of this Act:

  • • This Act provides for first home saver accounts, or FHSAs, to be offered by certain financial institutions.
  • • It deals with who is eligible to hold an FHSA, limits on contributions to FHSAs and when payments can be made from an FHSA.
  • • Provision is made for an annual Government contribution to be paid to an FHSA if certain conditions are met.
  • • Payments from FHSAs are subject to conditions under this Act, such as a requirement to use a payment towards the purchase of a first home.
  • • Failure to comply with the payment conditions can make a person liable to FHSA misuse tax under the Income Tax Assessment Act 1997 . The tax may also apply if the person holds an FHSA while ineligible to do so.
  • • This Act also provides for the approval of entities that can offer FHSAs (other than ADIs and life insurance companies) and for the supervision of the FHSA business of those entities.
  • • The general prudential supervision of ADIs and life insurance companies that offer FHSAs is not dealt with in this Act, but is dealt with instead under the Banking Act 1959 and the Life Insurance Act 1995 .
  • • FHSAs are also subject to concessional treatment in respect of income tax and social security benefits. This treatment is similar to that of superannuation. It is not dealt with in this Act, but is dealt with instead under the Income Tax Assessment Act 1997 , the Social Security Act 1991 and the Veterans ' Entitlements Act 1986.

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