Commonwealth Numbered Acts Commonwealth Numbered Acts(1) An FHSA home acquisition payment satisfies the FHSA payment conditions if:
(a) no later than 6 months after the payment is made, the person who holds or held the FHSA uses an amount equal to the payment in acquiring a qualifying interest in a dwelling in Australia or Norfolk Island; and
(b) the dwelling is the person's main residence for a continuous period that:
(i) is at least 6 months long; and
(ii) starts within the period mentioned in subsection (2); and
(c) if the construction of the dwelling is not complete when the payment is made--that construction is complete within a reasonable period after the payment is made.
(2) The period:
(a) starts:
(i) if the construction of the dwelling is not complete when the payment is made--when the construction of the dwelling is complete; or
(ii) otherwise--when the person acquires the qualifying interest in the dwelling; and
(b) ends 12 months after the period starts, or at a later time that the Commissioner considers reasonable in the circumstances.
(3) An FHSA home acquisition payment also satisfies the FHSA payment conditions if:
(a) the person who holds or held the FHSA fails to satisfy the conditions in subsection (1); and
(b) within 6 months after the payment was made, the person contributes to an FHSA held by the person:
(i) an amount equal to the payment; or
(ii) a lesser amount that is reasonable to pay in the circumstances.
(4) For the purposes of subparagraph (3)(b)(ii), in determining whether it is reasonable to pay a lesser amount in the circumstances, have regard to:
(a) whether the failure to satisfy the conditions in subsection (1) was beyond the person's control; and
(b) whether that failure was reasonably foreseeable by the person; and
(c) whether any previous FHSA home acquisition payment in respect of the person has failed to satisfy the conditions in subsection (1); and
(d) any other relevant matter.