Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008) - SECT 23

             (1)  An FHSA is inactive if the provider of the FHSA:

                     (a)  has received a notice from the FHSA holder in accordance with subsection 20(1) (and has not received a revocation of that notice under subsection 20(5)); or

                     (b)  has received a notice from the Commissioner in accordance with subsection 21(1) (and has not received a revocation of that notice under subsection 21(4)); or

                     (c)  has received a notice from the Commissioner in accordance with subsection 67(2) (and has not received a revocation of that notice).

             (2)  An FHSA is also inactive if:

                     (a)  the provider of the FHSA makes a payment from the FHSA; and

                     (b)  the provider must make the payment under:

                              (i)  section 32 (FHSA home acquisition payment); or

                             (ii)  section 33 (FHSA holder aged 60 or over); and

                     (c)  the balance of the FHSA immediately after the payment is more than nil.

             (3)  An FHSA is also inactive if the holder of the FHSA is 65 years of age or over.

             (4)  An FHSA is also inactive if:

                     (a)  the FHSA was opened or issued for a person because he or she made a statement in an application, in accordance with subparagraph 19(1)(b)(ii), that he or she would ensure that the balance of another FHSA held by him or her would be transferred to the FHSA; and

                     (b)  a period of 44 days has elapsed since the FHSA was opened or issued; and

                     (c)  the transfer did not take place within that period.