Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008) - SECT 35

             (1)  This section applies if:

                     (a)  an FHSA holder requests the FHSA provider to pay the balance of the FHSA by way of transfer to another FHSA held by the FHSA holder; and

                     (b)  the request is in the approved form; and

                     (c)  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.

Note:          If the other FHSA is provided by another entity, the FHSA provider must give that entity a statement in accordance with section 391‑10 in Schedule 1 to the Taxation Administration Act 1953 .

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.