Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008) - SECT 21

             (1)  The Commissioner must give the provider of an FHSA a notice in accordance with this section if the Commissioner has reason to believe that the FHSA holder does not satisfy the FHSA eligibility requirements.

Note:          The Commissioner may give the provider a notice under subsection 67(2) if a correct TFN was not quoted for the FHSA holder.

             (2)  If the Commissioner gives a notice under subsection (1), the Commissioner must give a copy of the notice to the FHSA holder.

             (3)  The notice must describe the operation of the following provisions that results from the notice being given:

                     (a)  section 22 (requirement to close inactive FHSA);

                     (b)  section 26 (limit on contributions to inactive FHSA);

                     (c)  sections 32 and 35 (limit on payments from FHSA).

             (4)  The Commissioner must give the FHSA provider a written revocation of the notice if:

                     (a)  the Commissioner becomes satisfied that the FHSA holder satisfies the FHSA eligibility requirements; and

                     (b)  30 days have not yet elapsed since the Commissioner gave the FHSA provider the notice; and

                     (c)  the FHSA has not yet been closed in accordance with paragraph 22(2)(b).

             (5)  If the Commissioner gives a revocation under subsection (4), the Commissioner must give a copy of it to the FHSA holder.