Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008) - SECT 19

             (1)  An FHSA provider must not open or issue an FHSA for a person unless:

                     (a)  the person has given the provider an application in the approved form; and

                     (b)  the application states that:

                              (i)  the person meets the FHSA eligibility requirements; and

                             (ii)  if the person already holds an FHSA--the person will ensure that the balance of the FHSA will be transferred to the FHSA to be opened or issued; and

                            (iii)  if the person held an FHSA that was closed, and nevertheless meets the FHSA eligibility requirements because of paragraph 15(2)(b)--the initial contribution to the FHSA to be opened or issued will be made in accordance with paragraph 17(3)(b); and

                     (c)  the person has quoted his or her tax file number to the provider in connection with the operation of this Act and the Superannuation Acts.

Note:          Making a false statement in the application may constitute an offence: see subsection 8J(9) and sections 8K and 8N of the Taxation Administration Act 1953 .

Offence

             (2)  A person commits an offence if the person contravenes subsection (1).

Penalty:  100 penalty units.

Validity of transaction not affected by contravention

             (3)  A contravention of subsection (1) does not affect the validity of a transaction.