Commonwealth Numbered Acts Commonwealth Numbered Acts
No. 44, 2008
Contents
Division 1--General 1
1............ Short title............................................................................................ 1
2............ Commencement.................................................................................. 2
3............ General administration of Act............................................................ 2
4............ Application of Act not to be excluded or modified............................ 2
5............ Act extends to external Territories..................................................... 2
6............ Crown to be bound............................................................................. 2
Division 2--Simplified outline 4
7............ Simplified outline................................................................................ 4
Part 2--Key concepts and other definitions 6
Division 1--Key concepts 6
8............ Meaning of FHSA............................................................................... 6
9............ Meanings of hold and FHSA holder................................................... 6
10.......... Meanings of provide and FHSA provider.......................................... 6
11.......... Meanings of Government FHSA contribution and personal FHSA contribution 7
12.......... Meaning of qualifying interest in a dwelling....................................... 8
13.......... Meaning of main residence................................................................. 9
14.......... Meaning of FHSA home acquisition payment..................................... 9
15.......... Meaning of FHSA eligibility requirements.......................................... 9
16.......... Meaning of FHSA ineligibility payment............................................ 10
17.......... Meaning of FHSA payment conditions............................................. 10
Division 2--Other definitions 13
18.......... Definitions........................................................................................ 13
Part 3--Eligibility, contribution and payment rules 19
Division 1--Eligibility rules 19
19.......... Obligation of FHSA provider in opening or issuing FHSA.............. 19
20.......... FHSA holder must notify provider if he or she does not satisfy the FHSA eligibility requirements 20
21.......... Commissioner must notify provider if reason to believe that certain circumstances exist 21
22.......... FHSA provider to close inactive FHSA........................................... 21
23.......... Inactive FHSA.................................................................................. 22
24.......... Default superannuation plan............................................................ 23
Division 2--Contributions to FHSAs 25
25.......... Limit on contributions to FHSAs--account holder aged 65 or over 25
26.......... Limit on contributions to FHSAs--inactive FHSA......................... 25
27.......... Limit on contributions to FHSAs--holder in breach of account balance cap 26
28.......... Breach of account balance cap.......................................................... 27
29.......... Account balance cap......................................................................... 28
30.......... Indexation of account balance cap.................................................... 28
Division 3--Restrictions on payments from FHSAs 30
31.......... FHSA provider must not make payment from FHSA unless authorised by law etc. 30
Division 4--Requirements to make payments from FHSAs 32
32.......... Payment from FHSA for purposes of acquiring a home.................. 32
33.......... Payment from FHSA if FHSA holder aged 60 or over..................... 33
34.......... Payment of FHSA balance as contribution to superannuation........ 33
35.......... Payment of FHSA balance as transfer to another FHSA................. 34
Part 4--Government FHSA contributions 35
Division 1--Eligibility for and amount of a Government FHSA contribution 35
36.......... Whether a Government FHSA contribution is payable................... 35
37.......... Notification of eligibility status........................................................ 35
38.......... Amount of Government FHSA contribution................................... 36
39.......... Government FHSA contribution threshold...................................... 36
40.......... Indexation of Government FHSA contribution threshold................ 36
Division 2--Payment of Government FHSA contribution 38
41.......... Commissioner's determinations....................................................... 38
42.......... Payment of Government FHSA contribution.................................. 38
43.......... Providers to return Government FHSA contribution in certain circumstances 39
44.......... Government FHSA contribution increased by interest amount if paid late in certain circumstances 40
45.......... Commissioner to notify if Government FHSA contribution paid... 40
Division 3--Underpayments of Government FHSA contribution 41
46.......... Underpayment determinations......................................................... 41
47.......... Providers to return underpaid amounts in certain circumstances..... 42
48.......... Government FHSA contribution increased by interest amount if underpaid amount paid late in certain circumstances.......................................................................................................... 42
49.......... Small underpayments paid by cheque.............................................. 43
Division 4--Overpayments of Government FHSA contribution 44
50.......... Recovery of overpayments.............................................................. 44
51.......... Small overpayments......................................................................... 46
Part 5--Administration 47
Division 1--General 47
52.......... When general interest charge payable............................................... 47
53.......... Decisions under Part 4 to be in writing............................................ 48
54.......... Commissioner may arrange for use of computer programs to make decisions under Part 4 48
55.......... Approved forms approved by Commissioner................................. 48
Division 2--Tax file numbers 49
Subdivision A--Quotation, use and transfer of FHSA holder's tax file number 49
56.......... FHSA holder or applicant may quote tax file number...................... 49
57.......... FHSA provider may request FHSA holder's or applicant's tax file number 49
58.......... FHSA provider must request FHSA holder to quote tax file number if not quoted previously 49
59.......... No obligation to quote tax file number............................................. 50
60.......... Use of tax file number for certain purposes..................................... 50
61.......... FHSA provider must inform other FHSA provider or superannuation provider of tax file number for certain purposes.......................................................................................................... 52
Subdivision B--Method of quotation of tax file numbers, including deemed quotation 53
62.......... Method of quoting tax file number................................................... 53
63.......... FHSA holder taken to have quoted where Commissioner gives notice 54
64.......... Information provided by FHSA provider taken to have been provided by FHSA holder 54
65.......... FHSA holder or applicant taken to have quoted if he or she quoted for other purposes 54
Subdivision C--Incorrect quotation of tax file number 55
66.......... Effect of mistaken quotation of tax file number............................... 55
67.......... Effect of invalid quotation of tax file number................................... 55
Subdivision D--Provision of tax file numbers in forms etc. 56
68.......... Forms etc. may require tax file number............................................ 56
69.......... Failure to quote tax file number........................................................ 57
Division 3--Secrecy 58
70.......... Secrecy.............................................................................................. 58
Division 4--Review of decisions 61
Subdivision A--Review of Commissioner decisions relating to Government FHSA contributions 61
71.......... Review of decisions.......................................................................... 61
72.......... Authorised review officers............................................................... 61
73.......... Withdrawal of review applications................................................... 61
Subdivision B--Review of certain APRA decisions 62
74.......... Reviewable decision.......................................................................... 62
75.......... Review of certain decisions.............................................................. 63
76.......... Statements to accompany notification of decisions......................... 64
Part 6--Enforcement 66
Division 1--Information gathering 66
77.......... Commissioner may require person or legal representative to give information 66
78.......... Commissioner may require FHSA provider to give information...... 67
79.......... Self‑incrimination.............................................................................. 68
Division 2--Access to premises 69
80.......... Appointment of authorised persons................................................ 69
81.......... Powers of authorised person in relation to premises....................... 69
82.......... Obligations of authorised persons--all cases................................... 70
83.......... Obligations of authorised persons--entry by consent..................... 70
84.......... Obligations of authorised persons--entry by warrant..................... 70
85.......... Obstruction of authorised person acting under a warrant................ 71
86.......... Persons to assist authorised persons acting under a warrant........... 71
87.......... Issue of warrant to enter premises................................................... 72
88.......... Identity cards.................................................................................... 73
Part 7--Prudential provisions 74
Division 1--Authorisation of RSE licensees as FHSA providers 74
Subdivision A--Applying for authorisation as FHSA provider 74
89.......... RSE licensee applications for authorisation as FHSA providers..... 74
90.......... APRA may request further information........................................... 74
91.......... Period within which application is to be decided............................. 75
Subdivision B--Grant of authorisation as FHSA provider 75
92.......... Grant of authorisation as FHSA provider........................................ 75
93.......... Capital requirements......................................................................... 76
94.......... Documents required to bear ABN.................................................... 77
95.......... When an authorisation is in force..................................................... 77
96.......... APRA to give notice of refusal of applications................................ 78
Subdivision C--Conditions on authorisation as FHSA provider 78
97.......... Conditions imposed on all authorisations........................................ 78
98.......... Additional conditions imposed by APRA on individual authorisations 79
99.......... Directions to comply with conditions on authorisation................... 80
Subdivision D--Variation or revocation of condition on authorisation as FHSA provider 80
100........ Applications for variation or revocation of condition on authorisation as FHSA provider 80
101........ APRA may request further information........................................... 81
102........ Period for deciding applications....................................................... 81
103........ APRA may vary or revoke conditions on authorisation--in accordance with application 82
104........ APRA may vary or revoke conditions on authorisation--on its own initiative 83
105........ Notification of APRA's decisions under this Division.................... 84
106........ When variations or revocations come into force etc......................... 84
Subdivision E--Cancelling authorisation as FHSA provider 85
107........ Cancellation of authorisation as FHSA provider.............................. 85
108........ Cancellation of authorisation for FHSA provider that is financial services licensee 85
109........ APRA may allow authorisation as FHSA provider to continue in effect 86
Subdivision F--Offences and self‑incrimination 86
110........ Providing an FHSA while unauthorised etc...................................... 86
111........ Failing to notify breach of condition on authorisation..................... 87
112........ Not complying with direction to comply with condition on authorisation 88
113........ Breach does not affect validity of issue of FHSA etc...................... 88
Division 2--Application of the Superannuation Industry (Supervision) Act 1993 89
114........ Modified application of the Superannuation Industry (Supervision) Act 1993 89
115........ Provisions of the Superannuation Industry (Supervision) Act 1993 that do not apply 90
116........ General modifications of applicable provisions of the Superannuation Industry (Supervision) Act 1993 90
117........ References to Prudential Standards.................................................. 91
118........ Persons who may be appointed to be custodians of FHSA trusts--approved guarantee etc. 92
119........ Transfer of FHSA trusts.................................................................. 92
120........ Covenants to be included in governing rules--investment management 92
Division 3--Prudential Standards 94
121........ Prudential Standards......................................................................... 94
122........ Notice of determination, variation or revocation of certain Prudential Standards 95
Division 4--Other prudential provisions 96
123........ Requirement for ADIs and life insurance companies to notify APRA of intention to provide FHSAs 96
124........ Obligations of FHSA providers in relation to certain life policies... 96
125........ Protection for small balances............................................................ 97
Part 8--Miscellaneous 99
126........ Annual reports.................................................................................. 99
127........ Civil immunity where defendant was complying with this Act....... 99
128........ Payment out of a fund in accordance with the Bankruptcy Act 1966 99
129........ Compensation for acquisition of property..................................... 100
130........ State insurance................................................................................ 100
131........ Regulations..................................................................................... 100
First Home Saver Accounts Act 2008
No. 44, 2008
An Act to provide for first home saver accounts, and for related purposes
[Assented to 25 June 2008]
The Parliament of Australia enacts: