Commonwealth Consolidated Acts Commonwealth Consolidated ActsIf an amount is released from your superannuation interests under the first home super saver scheme, you are liable for tax if you do not, within a particular period, do either of the following:
(a) enter into a contract to purchase or construct a residential premises, and notify the Commissioner of that contract;
(b) make one or more non - concessional contributions, and notify the Commissioner of the contributions.
313 - 60 First home super saver tax
313 - 65 When tax is payable--original assessments
313 - 70 When tax is payable--amended assessments
313 - 75 General interest charge