Commonwealth Numbered Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008) - SECT 47

             (1)  If:

                     (a)  the underpaid amount for a person is paid to an FHSA provider or a superannuation provider; and

                     (b)  the provider has not paid the underpaid amount to an FHSA held by the person, or to a superannuation interest of the person in a complying superannuation plan, by the end of the 28th day after the day on which the contribution was paid to the provider;

the provider:

                     (c)  is liable to repay the underpaid amount to the Commonwealth; and

                     (d)  must notify the Commissioner of the repayment, in the approved form, at the time when the underpaid amount is repaid.

Note 1:       The liability to repay the contribution is a tax‑related liability: see Part 4‑15 in Schedule 1 to the Taxation Administration Act 1953 for collection and recovery provisions.

Note 2:       Section 52 provides for the imposition of general interest charge if the contribution is not repaid within a certain period.

Note 3:       Section 286‑75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of paragraph (1)(d). A breach of that paragraph may also be an offence under section 8C of that Act.

             (2)  The amount is due and payable 7 days after the day on which the provider first becomes liable to repay the underpaid amount.