FIRST HOME SAVER ACCOUNTS ACT 2008 (NO. 44, 2008)
Table of Provisions
PART 1--PRELIMINARY
Division 1--General
- 1 Short title
- 2 Commencement
- 3 General administration of Act
- 4 Application of Act not to be excluded or modified
- 5 Act extends to external Territories
- 6 Crown to be bound
Division 2--Simplified outline
- 7 Simplified outline
PART 2--KEY CONCEPTS AND OTHER DEFINITIONS
Division 1--Key concepts
- 8 Meaning of FHSA
- 9 Meanings of hold and FHSA holder
- 10 Meanings of provide and FHSA provider
- 11 Meanings of Government FHSA contribution and personal FHSA contribution
- 12 Meaning of qualifying interest in a dwelling
- 13 Meaning of main residence
- 14 Meaning of FHSA home acquisition payment
- 15 Meaning of FHSA eligibility requirements
- 16 Meaning of FHSA ineligibility payment
- 17 Meaning of FHSA payment conditions
Division 2--Other definitions
- 18 Definitions
PART 3--ELIGIBILITY, CONTRIBUTION AND PAYMENT RULES
Division 1--Eligibility rules
- 19 Obligation of FHSA provider in opening or issuing FHSA
- 20 FHSA holder must notify provider if he or she does not satisfy the FHSA eligibility requirements
- 21 Commissioner must notify provider if reason to believe that certain circumstances exist
- 22 FHSA provider to close inactive FHSA
- 23 Inactive FHSA
- 24 Default superannuation plan
Division 2--Contributions to FHSAs
- 25 Limit on contributions to FHSAs--account holder aged 65 or over
- 26 Limit on contributions to FHSAs--inactive FHSA
- 27 Limit on contributions to FHSAs--holder in breach of account balance cap
- 28 Breach of account balance cap
- 29 Account balance cap
- 30 Indexation of account balance cap
Division 3--Restrictions on payments from FHSAs
- 31 FHSA provider must not make payment from FHSA unless authorised by law etc.
Division 4--Requirements to make payments from FHSAs
- 32 Payment from FHSA for purposes of acquiring a home
- 33 Payment from FHSA if FHSA holder aged 60 or over
- 34 Payment of FHSA balance as contribution to superannuation
- 35 Payment of FHSA balance as transfer to another FHSA
PART 4--GOVERNMENT FHSA CONTRIBUTIONS
Division 1--Eligibility for and amount of a Government FHSA contribution
- 36 Whether a Government FHSA contribution is payable
- 37 Notification of eligibility status
- 38 Amount of Government FHSA contribution
- 39 Government FHSA contribution threshold
- 40 Indexation of Government FHSA contribution threshold
Division 2--Payment of Government FHSA contribution
- 41 Commissioner's determinations
- 42 Payment of Government FHSA contribution
- 43 Providers to return Government FHSA contribution in certain circumstances
- 44 Government FHSA contribution increased by interest amount if paid late in certain circumstances
- 45 Commissioner to notify if Government FHSA contribution paid
Division 3--Underpayments of Government FHSA contribution
- 46 Underpayment determinations
- 47 Providers to return underpaid amounts in certain circumstances
- 48 Government FHSA contribution increased by interest amount if underpaid amount paid late in certain circumstances
- 49 Small underpayments paid by cheque
Division 4--Overpayments of Government FHSA contribution
PART 5--ADMINISTRATION
Division 1--General
- 52 When general interest charge payable
- 53 Decisions under Part 4 to be in writing
- 54 Commissioner may arrange for use of computer programs to make decisions under Part 4
- 55 Approved forms approved by Commissioner
Division 2--Tax file numbers
Subdivision A--Quotation, use and transfer of FHSA holder's tax file number- 56 FHSA holder or applicant may quote tax file number
- 57 FHSA provider may request FHSA holder's or applicant's tax file number
- 58 FHSA provider must request FHSA holder to quote tax file number if not quoted previously
- 59 No obligation to quote tax file number
- 60 Use of tax file number for certain purposes
- 61 FHSA provider must inform other FHSA provider or superannuation provider of tax file number for certain purposes Subdivision B--Method of quotation of tax file numbers, including deemed quotation
- 62 Method of quoting tax file number
- 63 FHSA holder taken to have quoted where Commissioner gives notice
- 64 Information provided by FHSA provider taken to have been provided by FHSA holder
- 65 FHSA holder or applicant taken to have quoted if he or she quoted for other purposes Subdivision C--Incorrect quotation of tax file number
- 66 Effect of mistaken quotation of tax file number
- 67 Effect of invalid quotation of tax file number Subdivision D--Provision of tax file numbers in forms etc
- 68 Forms etc. may require tax file number
- 69 Failure to quote tax file number
Division 3--Secrecy
- 70 Secrecy
Division 4--Review of decisions
Subdivision A--Review of Commissioner decisions relating to Government FHSA contributions- 71 Review of decisions
- 72 Authorised review officers
- 73 Withdrawal of review applications Subdivision B--Review of certain APRA decisions
- 74 Reviewable decision
- 75 Review of certain decisions
- 76 Statements to accompany notification of decisions
PART 6--ENFORCEMENT
Division 1--Information gathering
- 77 Commissioner may require person or legal representative to give information
- 78 Commissioner may require FHSA provider to give information
- 79 Self-incrimination
Division 2--Access to premises
- 80 Appointment of authorised persons
- 81 Powers of authorised person in relation to premises
- 82 Obligations of authorised persons--all cases
- 83 Obligations of authorised persons--entry by consent
- 84 Obligations of authorised persons--entry by warrant
- 85 Obstruction of authorised person acting under a warrant
- 86 Persons to assist authorised persons acting under a warrant
- 87 Issue of warrant to enter premises
- 88 Identity cards
PART 7--PRUDENTIAL PROVISIONS
Division 1--Authorisation of RSE licensees as FHSA providers
Subdivision A--Applying for authorisation as FHSA provider- 89 RSE licensee applications for authorisation as FHSA providers
- 90 APRA may request further information
- 91 Period within which application is to be decided Subdivision B--Grant of authorisation as FHSA provider
- 92 Grant of authorisation as FHSA provider
- 93 Capital requirements
- 94 Documents required to bear ABN
- 95 When an authorisation is in force
- 96 APRA to give notice of refusal of applications Subdivision C--Conditions on authorisation as FHSA provider
- 97 Conditions imposed on all authorisations
- 98 Additional conditions imposed by APRA on individual authorisations
- 99 Directions to comply with conditions on authorisation Subdivision D--Variation or revocation of condition on authorisation as FHSA provider
- 100 Applications for variation or revocation of condition on authorisation as FHSA provider
- 101 APRA may request further information
- 102 Period for deciding applications
- 103 APRA may vary or revoke conditions on authorisation--in accordance with application
- 104 APRA may vary or revoke conditions on authorisation--on its own initiative
- 105 Notification of APRA's decisions under this Division
- 106 When variations or revocations come into force etc. Subdivision E--Cancelling authorisation as FHSA provider
- 107 Cancellation of authorisation as FHSA provider
- 108 Cancellation of authorisation for FHSA provider that is financial services licensee
- 109 APRA may allow authorisation as FHSA provider to continue in effect Subdivision F--Offences and self-incrimination
- 110 Providing an FHSA while unauthorised etc.
- 111 Failing to notify breach of condition on authorisation
- 112 Not complying with direction to comply with condition on authorisation
- 113 Breach does not affect validity of issue of FHSA etc.
Division 2--Application of the Superannuation Industry
- 114 Modified application of the Superannuation Industry (Supervision) Act 1993
- 115 Provisions of the Superannuation Industry (Supervision) Act 1993 that do not apply
- 116 General modifications of applicable provisions of the Superannuation Industry (Supervision) Act 1993
- 117 References to Prudential Standards
- 118 Persons who may be appointed to be custodians of FHSA trusts--approved guarantee etc.
- 119 Transfer of FHSA trusts
- 120 Covenants to be included in governing rules--investment management
Division 3--Prudential Standards
- 121 Prudential Standards
- 122 Notice of determination, variation or revocation of certain Prudential Standards
Division 4--Other prudential provisions
- 123 Requirement for ADIs and life insurance companies to notify APRA of intention to provide FHSAs
- 124 Obligations of FHSA providers in relation to certain life policies
- 125 Protection for small balances