Commonwealth Consolidated Acts

FIRST HOME SAVER ACCOUNTS ACT 2008 - SECT 34

             (1)  This section applies if:

                     (a)  an FHSA holder requests the FHSA provider to pay the balance of the FHSA by way of a contribution to a superannuation interest of the FHSA holder in a complying superannuation plan; and

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

                     (c)  either:

                              (i)  the FHSA provider has not received a notice from the Commissioner in accordance with subsection 67(2); or

                             (ii)  if the FHSA provider has received such a notice--the provider has received a revocation of that notice.

             (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.

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.