Commonwealth Numbered Acts Commonwealth Numbered Acts
First Home Saver Accounts Act 2008
1 Section 17A
Before "The", insert "(1)".
2 Paragraph 17A(a)
Omit "at least 7 years; and", substitute:
at least:
(i) 3 years; or
(ii) if a greater number of years is specified in the regulations--that greater number of years; and
3 At the end of section 17A
Add:
(2) Subsection (1) has effect subject to subsections (3) and (4).
(3) The regulations may provide that the balance of a specified FHSA held by a person is unclaimed money in relation to the person if, and only if, the conditions specified in the regulations are satisfied.
Note: For specification by class, see subsection 13(3) of the Legislative Instruments Act 2003 .
(4) Subsection (1) does not apply to an FHSA specified in the regulations.
Note: For specification by class, see subsection 13(3) of the Legislative Instruments Act 2003 .
4 After subsection 51C(1)
Insert:
(1A) If ASIC pays an amount to an FHSA provider under subsection (1) on or after 1 July 2013, ASIC must also pay to the FHSA provider the amount of interest (if any) worked out in accordance with the regulations.
(1B) Regulations made for the purposes of subsection (1A) may involve different rates of interest for different periods over which the interest accrues. For this purpose, rate includes a nil rate.
(1C) Interest under subsection (1A) does not accrue in relation to a period before 1 July 2013.
5 Paragraph 51C(2)(a)
After "subsection (1)", insert "or (1A)".
6 Transitional--supplementary statement and payment obligations
(1) In addition to their effect apart from this subitem, sections 51A to 51E of the First Home Saver Accounts Act 2008 also have the effect they would have if:
(a) in paragraph 51A(1)(a) of that Act, the words "a calendar year" were omitted and the words "the applicable assessment day" were substituted; and
(b) in paragraph 51A(1)(b) of that Act, the words "within 3 months after the end of the year" were omitted and the words "before the end of 31 May 2013" were substituted; and
(c) in subsection 51A(4) of that Act, the words "the calendar year" were omitted and the words "the applicable assessment day" were substituted; and
(d) the amendments made by items 1, 2 and 3 of this Schedule had commenced on 31 December 2012; and
(e) any regulations made, in accordance with section 4 of the Acts Interpretation Act 1901 , for the purposes of any of the following provisions of the First Home Saver Accounts Act 2008 had taken effect from the day on which the regulations are registered under the Legislative Instruments Act 2003 :
(i) subparagraph 17A(1)(a)(ii);
(ii) subsection 17A(3);
(iii) subsection 17A(4).
No double counting
(2) For the purposes of the application to an FHSA provider of sections 51A to 51E of the First Home Saver Accounts Act 2008 (as those sections have effect under subitem (1)), unclaimed money does not include any 7-year unclaimed amounts for the FHSA provider.
(3) For the purposes of this item, if:
(a) an amount is required to be set out in an FHSA provider's statement under section 51A of the First Home Saver Accounts Act 2008 (as that section has effect otherwise than under subitem (1)); and
(b) the FHSA provider is required, by section 51A of the First Home Saver Accounts Act 2008 (as that section has effect otherwise than under subitem (1)), to give the statement to ASIC within 3 months after the end of 31 December 2012;
the amount is a 7-year unclaimed amount for the FHSA provider.
Applicable assessment day
(4) For the purposes of this item, the applicable assessment day for an FHSA provider is:
(a) 30 May 2013; or
(b) if the FHSA provider, by written notice given to ASIC before 30 May 2013, nominates a day that is:
(i) not earlier than 31 December 2012; and
(ii) not later than 29 May 2013;
the nominated day.