If an amount is released from your superannuation interests under the first home super saver scheme, an amount may be included in your assessable income and you may become entitled to a tax offset.
You also have a limited period within which to enter into a contract to purchase or construct a residential premises or re - contribute an amount to your superannuation. If you do not notify the Commissioner that you have done one of those things, you become liable for tax.
313 - 5 Object of this Division
313 - 10 Application of this Division