Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008) - SECT 22

             (1)  This section applies if:

                     (a)  an FHSA becomes inactive under subsection 23(1), and the FHSA provider has not received a revocation of the notice mentioned in that subsection before the 30th day (the trigger day ) after the FHSA provider received the notice; or

                     (b)  an FHSA becomes inactive under subsection 23(2), (3) or (4) on a particular day (also the trigger day ).

             (2)  The FHSA provider must, within 14 days after the trigger day:

                     (a)  pay the entire balance of the FHSA to:

                              (i)  if the FHSA holder is aged 60 or over and has given the FHSA provider a statement that he or she wants the balance of the FHSA to be paid to him or her--the FHSA holder; or

                             (ii)  otherwise--the superannuation interest mentioned in subsection (3); and

                     (b)  close the FHSA.

Note:          If the FHSA holder becomes bankrupt, this section does not prevent a payment from the FHSA that is property divisible amongst the holder's creditors (see section 128).

             (3)  The superannuation interest is:

                     (a)  if, for the purposes this paragraph, the FHSA holder has notified the FHSA provider in writing of a particular superannuation interest of the holder in a complying superannuation plan--that superannuation interest; or

                     (b)  otherwise--to a superannuation interest for the benefit of the FHSA holder in the FHSA provider's default superannuation plan (see section 24).

Offence

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

Penalty:  100 penalty units.

Validity of transaction not affected by contravention

             (5)  A contravention of subsection (2) does not affect the validity of a transaction.