Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008)

TABLE OF PROVISIONS

           Long Title

   PART 1--PRELIMINARY

           Division 1--General

   1.      Short title  
   2.      Commencement  
   3.      General administration of Act  
   4.      Application of Act not to be excluded or modified  
   5.      Act extends to external Territories  
   6.      Crown to be bound  

           Division 2--Simplified outline

   7.      Simplified outline  

   PART 2--KEY CONCEPTS AND OTHER DEFINITIONS

           Division 1--Key concepts

   8.      Meaning of FHSA  
   9.      Meanings of hold and FHSA holder  
   10.     Meanings of provide and FHSA provider  
   11.     Meanings of Government FHSA contribution and personal FHSA contribution  
   12.     Meaning of qualifying interest in a dwelling  
   13.     Meaning of main residence  
   14.     Meaning of FHSA home acquisition payment  
   15.     Meaning of FHSA eligibility requirements  
   16.     Meaning of FHSA ineligibility payment  
   17.     Meaning of FHSA payment conditions  

           Division 2--Other definitions

   18.     Definitions  

   PART 3--ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES

           Division 1--Eligibility rules

   19.     Obligation of FHSA provider in opening or issuing FHSA  
   20.     FHSA holder must notify provider if he or she does not satisfy the FHSA eligibility requirements  
   21.     Commissioner must notify provider if reason to believe that certain circumstances exist  
   22.     FHSA provider to close inactive FHSA  
   23.     Inactive FHSA  
   24.     Default superannuation plan  

           Division 2--Contributions to FHSAs

   25.     Limit on contributions to FHSAs--account holder aged 65 or over  
   26.     Limit on contributions to FHSAs--inactive FHSA  
   27.     Limit on contributions to FHSAs--holder in breach of account balance cap  
   28.     Breach of account balance cap  
   29.     Account balance cap  
   30.     Indexation of account balance cap  

           Division 3--Restrictions on payments from FHSAs

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

           Division 4--Requirements to make payments from FHSAs

   32.     Payment from FHSA for purposes of acquiring a home  
   33.     Payment from FHSA if FHSA holder aged 60 or over  
   34.     Payment of FHSA balance as contribution to superannuation  
   35.     Payment of FHSA balance as transfer to another FHSA  

   PART 4--GOVERNMENT FHSA CONTRIBUTIONS

           Division 1--Eligibility for and amount of a Government FHSA contribution

   36.     Whether a Government FHSA contribution is payable  
   37.     Notification of eligibility status  
   38.     Amount of Government FHSA contribution  
   39.     Government FHSA contribution threshold  
   40.     Indexation of Government FHSA contribution threshold  

           Division 2--Payment of Government FHSA contribution

   41.     Commissioner's determinations  
   42.     Payment of Government FHSA contribution  
   43.     Providers to return Government FHSA contribution in certain circumstances  
   44.     Government FHSA contribution increased by interest amount if paid late in certain circumstances  
   45.     Commissioner to notify if Government FHSA contribution paid  

           Division 3--Underpayments of Government FHSA contribution

   46.     Underpayment determinations  
   47.     Providers to return underpaid amounts in certain circumstances  
   48.     Government FHSA contribution increased by interest amount if underpaid amount paid late in certain circumstances  
   49.     Small underpayments paid by cheque  

           Division 4--Overpayments of Government FHSA contribution

   50.     Recovery of overpayments  
   51.     Small overpayments  

   PART 5--ADMINISTRATION

           Division 1--General

   52.     When general interest charge payable  
   53.     Decisions under Part 4 to be in writing  
   54.     Commissioner may arrange for use of computer programs to make decisions under Part 4  
   55.     Approved forms approved by Commissioner  

           Division 2--Tax file numbers

              Subdivision A--Quotation, use and transfer of FHSA holder's tax file number

   56.     FHSA holder or applicant may quote tax file number  
   57.     FHSA provider may request FHSA holder's or applicant's tax file number  
   58.     FHSA provider must request FHSA holder to quote tax file number if not quoted previously  
   59.     No obligation to quote tax file number  
   60.     Use of tax file number for certain purposes  
   61.     FHSA provider must inform other FHSA provider or superannuation provider of tax file number for certain purposes  

              Subdivision B--Method of quotation of tax file numbers, including deemed quotation

   62.     Method of quoting tax file number  
   63.     FHSA holder taken to have quoted where Commissioner gives notice  
   64.     Information provided by FHSA provider taken to have been provided by FHSA holder  
   65.     FHSA holder or applicant taken to have quoted if he or she quoted for other purposes  

              Subdivision C--Incorrect quotation of tax file number

   66.     Effect of mistaken quotation of tax file number  
   67.     Effect of invalid quotation of tax file number  

              Subdivision D--Provision of tax file numbers in forms etc

   68.     Forms etc. may require tax file number  
   69.     Failure to quote tax file number  

           Division 3--Secrecy

   70.     Secrecy  

           Division 4--Review of decisions

              Subdivision A--Review of Commissioner decisions relating to Government FHSA contributions

   71.     Review of decisions  
   72.     Authorised review officers  
   73.     Withdrawal of review applications  

              Subdivision B--Review of certain APRA decisions

   74.     Reviewable decision  
   75.     Review of certain decisions  
   76.     Statements to accompany notification of decisions  

   PART 6--ENFORCEMENT

           Division 1--Information gathering

   77.     Commissioner may require person or legal representative to give information  
   78.     Commissioner may require FHSA provider to give information  
   79.     Self-incrimination  

           Division 2--Access to premises

   80.     Appointment of authorised persons  
   81.     Powers of authorised person in relation to premises  
   82.     Obligations of authorised persons--all cases  
   83.     Obligations of authorised persons--entry by consent  
   84.     Obligations of authorised persons--entry by warrant  
   85.     Obstruction of authorised person acting under a warrant  
   86.     Persons to assist authorised persons acting under a warrant  
   87.     Issue of warrant to enter premises  
   88.     Identity cards  

   PART 7--PRUDENTIAL PROVISIONS

           Division 1--Authorisation of RSE licensees as FHSA providers

              Subdivision A--Applying for authorisation as FHSA provider

   89.     RSE licensee applications for authorisation as FHSA providers  
   90.     APRA may request further information  
   91.     Period within which application is to be decided  

              Subdivision B--Grant of authorisation as FHSA provider

   92.     Grant of authorisation as FHSA provider  
   93.     Capital requirements  
   94.     Documents required to bear ABN  
   95.     When an authorisation is in force  
   96.     APRA to give notice of refusal of applications  

              Subdivision C--Conditions on authorisation as FHSA provider

   97.     Conditions imposed on all authorisations  
   98.     Additional conditions imposed by APRA on individual authorisations  
   99.     Directions to comply with conditions on authorisation  

              Subdivision D--Variation or revocation of condition on authorisation as FHSA provider

   100.    Applications for variation or revocation of condition on authorisation as FHSA provider  
   101.    APRA may request further information  
   102.    Period for deciding applications  
   103.    APRA may vary or revoke conditions on authorisation--in accordance with application  
   104.    APRA may vary or revoke conditions on authorisation--on its own initiative  
   105.    Notification of APRA's decisions under this Division  
   106.    When variations or revocations come into force etc.  

              Subdivision E--Cancelling authorisation as FHSA provider

   107.    Cancellation of authorisation as FHSA provider  
   108.    Cancellation of authorisation for FHSA provider that is financial services licensee  
   109.    APRA may allow authorisation as FHSA provider to continue in effect  

              Subdivision F--Offences and self-incrimination

   110.    Providing an FHSA while unauthorised etc.  
   111.    Failing to notify breach of condition on authorisation  
   112.    Not complying with direction to comply with condition on authorisation  
   113.    Breach does not affect validity of issue of FHSA etc.  

           Division 2--Application of the Superannuation Industry

   114.    Modified application of the Superannuation Industry (Supervision) Act 1993  
   115.    Provisions of the Superannuation Industry (Supervision) Act 1993 that do not apply  
   116.    General modifications of applicable provisions of the Superannuation Industry (Supervision) Act 1993  
   117.    References to Prudential Standards  
   118.    Persons who may be appointed to be custodians of FHSA trusts--approved guarantee etc.  
   119.    Transfer of FHSA trusts  
   120.    Covenants to be included in governing rules--investment management  

           Division 3--Prudential Standards

   121.    Prudential Standards  
   122.    Notice of determination, variation or revocation of certain Prudential Standards  

           Division 4--Other prudential provisions

   123.    Requirement for ADIs and life insurance companies to notify APRA of intention to provide FHSAs  
   124.    Obligations of FHSA providers in relation to certain life policies  
   125.    Protection for small balances  

   PART 8--MISCELLANEOUS

   126.    Annual reports  
   127.    Civil immunity where defendant was complying with this Act  
   128.    Payment out of a fund in accordance with the Bankruptcy Act 1966  
   129.    Compensation for acquisition of property  
   130.    State insurance  
   131.    Regulations