Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008) - SECT 32

             (1)  This section applies if:

                     (a)  the holder of an FHSA has given the FHSA provider an application in the approved form requesting an amount to be paid from the FHSA; and

                     (b)  the FHSA holder has declared in the application that the payment will satisfy the FHSA payment conditions mentioned in subsection 17(1); and

                     (c)  any of the following requirements are met:

                              (i)  personal FHSA contributions of at least $1,000 per financial year have been made for the FHSA holder in at least 4 financial years (one of which may be the financial year in which the payment is to be made);

                             (ii)  the FHSA holder is in breach of the account balance cap, and has held an FHSA in at least 4 financial years (one of which may be the financial year in which the payment is to be made);

                            (iii)  the FHSA holder has declared in the application that he or she will acquire a qualifying interest in a dwelling together with another FHSA holder in respect of whom the requirement in subparagraph (i) or (ii) is met; and

                     (d)  the provider is satisfied that the requirements (if any) specified in the regulations are met; and

                     (e)  the FHSA is not inactive.

             (2)  The FHSA provider must pay the amount as requested:

                     (a)  as soon as practicable after the application is made; and

                     (b)  no later than 30 days after the application is made.

Offence

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

Penalty:  100 penalty units.

Validity of transaction not affected by contravention

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