Commonwealth Numbered Regulations Commonwealth Numbered Regulations
First Home Saver Accounts Regulations 2008
1 At the end of Part 4
Add:
13AA Notice to applicants of proposed legislative changes
(1) This regulation applies if:
(a) on or after 13 May 2014, the Minister announces in the Parliament (including by tabling a document) an intention to amend the Act; and
(b) after the announcement is made, a person applies to an FHSA provider to open or issue an FHSA.
(2) The FHSA provider must give the person written notice of the announcement and its effect before the FHSA provider opens or issues the account.
13AB Notice of proposed legislative changes--transitional
(1) This regulation applies if:
(a) on or after 13 May 2014, the Minister announces in the Parliament (including by tabling a document) an intention to amend the Act; and
(b) after the announcement is made, an FHSA provider opens or issues an FHSA; and
(c) the FHSA is opened or issued as a result of an application made:
(i) after the announcement is made; but
(ii) before regulation 13AA commences.
(2) The FHSA provider must give the holder of the FHSA written notice of the announcement and its effect.
(3) The notice must be given within 7 days after the FHSA is opened or issued.
(4) The notice must also state:
(a) the effect of section 1019B (cooling-off period) of the Corporations Act 2001 ; and
(b) the day on which the cooling-off period for the FHSA ends.