Commonwealth Consolidated Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 - SECT 16

                   A payment from an FHSA held by a person is an FHSA ineligibility payment if:

                     (a)  the payment is an FHSA home acquisition payment; and

                     (b)  the person did not satisfy the FHSA eligibility requirements when the payment was made.

Note:          This Act does not provide for the consequences of the payment being an FHSA ineligibility payment. However, the FHSA holder will be liable for FHSA misuse tax in accordance with Subdivision 345‑C of the Income Tax Assessment Act 1997 .