Contents

Part 1--Preliminary                                                                                                              1

Division 1--General                                                                                                       1

1............ Short title [see Note 1] ........................................................................ 1

2............ Commencement [see Note 1] .............................................................. 1

3............ General administration of Act ............................................................. 1

4............ Application of Act not to be excluded or modified .............................. 2

5............ Act extends to external Territories ....................................................... 2

6............ Crown to be bound ............................................................................. 2

Division 2--Simplified outline                                                                                   3

7............ Simplified outline ................................................................................ 3

Part 2--Key concepts and other definitions                                                           5

Division 1--Key concepts                                                                                            5

8............ Meaning of FHSA ............................................................................... 5

9............ Meanings of hold and FHSA holder ................................................... 5

10.......... Meanings of provide and FHSA provider ........................................... 5

11.......... Meanings of Government FHSA contribution and personal FHSA contribution      6

12.......... Meaning of qualifying interest in a dwelling ....................................... 7

13.......... Meaning of main residence ................................................................. 8

14.......... Meaning of FHSA home acquisition payment ..................................... 8

15.......... Meaning of FHSA eligibility requirements .......................................... 8

16.......... Meaning of FHSA ineligibility payment .............................................. 9

17.......... Meaning of FHSA payment conditions ............................................. 10

17A....... Meaning of unclaimed money ........................................................... 12

Division 2--Other definitions                                                                                  13

18.......... Definitions ........................................................................................ 13

Part 3--Eligibility, contribution and payment rules                                        19

Division 1--Eligibility rules                                                                                      19

19.......... Obligation of FHSA provider in opening or issuing FHSA ............. 19

20.......... FHSA holder must notify provider if he or she does not satisfy the FHSA eligibility requirements         20

21.......... Commissioner must notify provider if reason to believe that certain circumstances exist          21

22.......... FHSA provider to close FHSA if inactive in some cases or FHSA mortgage payment made 22

23.......... Inactive FHSA .................................................................................. 23

24.......... Default superannuation plan .............................................................. 25

Division 2--Contributions to FHSAs                                                                  26

25.......... Limit on contributions to FHSAs--account holder aged 65 or over . 26

26.......... Limit on contributions to FHSAs--inactive FHSA .......................... 26

27.......... Limit on contributions to FHSAs--holder in breach of account balance cap            27

28.......... Breach of account balance cap ........................................................... 28

29.......... Account balance cap .......................................................................... 29

30.......... Indexation of account balance cap ..................................................... 29

Division 3--Restrictions on payments from FHSAs                                   31

31.......... FHSA provider must not make payment from FHSA unless authorised by law etc.                31

Division 4--Requirements to make payments from FHSAs                   33

32.......... Payment from FHSA for purposes of acquiring a home ................... 33

32A....... Payment from FHSA for repaying a mortgage if home acquired before qualifying period ends               34

33.......... Payment from FHSA if FHSA holder aged 60 or over .................... 35

34.......... Payment of FHSA balance as contribution to superannuation .......... 36

35.......... Payment of FHSA balance as transfer to another FHSA .................. 36

Part 4--Government FHSA contributions                                                            38

Division 1--Eligibility for and amount of a Government FHSA contribution    38

36.......... Whether a Government FHSA contribution is payable ..................... 38

37.......... Notification of eligibility status ......................................................... 38

38.......... Amount of Government FHSA contribution .................................... 39

39.......... Government FHSA contribution threshold ....................................... 39

40.......... Indexation of Government FHSA contribution threshold ................. 39

Division 2--Payment of Government FHSA contribution                       41

41.......... Commissioner's determinations ........................................................ 41

42.......... Payment of Government FHSA contribution .................................... 41

43.......... Providers to return Government FHSA contribution in certain circumstances          42

44.......... Government FHSA contribution increased by interest amount if paid late in certain circumstances          43

45 .......... Commissioner to notify if Government FHSA contribution paid ..... 43

Division 3--Underpayments of Government FHSA contribution       44

46.......... Underpayment determinations ........................................................... 44

47.......... Providers to return underpaid amounts in certain circumstances ....... 45

48.......... Government FHSA contribution increased by interest amount if underpaid amount paid late in certain circumstances .......................................................................................................... 45

49.......... Small underpayments paid by cheque ............................................... 46

Division 4--Overpayments of Government FHSA contribution          47

50.......... Recovery of overpayments ................................................................ 47

51.......... Small overpayments .......................................................................... 49

Part 4A--Unclaimed money                                                                                           50

51A....... Statement of unclaimed money etc. ................................................... 50

51B....... Payment of unclaimed money to ASIC on behalf of the Commonwealth 50

51C....... Payment where money later claimed etc. ........................................... 51

51D....... ASIC may publish information relating to unclaimed money statements   53

51E........ Operation of State and Territory laws in relation to unclaimed money 53

Part 5--Administration                                                                                                     54

Division 1--General                                                                                                     54

52 .......... When general interest charge payable ................................................ 54

53.......... Decisions under Part 4 to be in writing ............................................. 55

54.......... Commissioner may arrange for use of computer programs to make decisions under Part 4      55

55.......... Approved forms approved by Commissioner ................................... 55

Division 2--Tax file numbers                                                                                  56

Subdivision A--Quotation, use and transfer of FHSA holder's tax file number             56

56.......... FHSA holder or applicant may quote tax file number ....................... 56

57.......... FHSA provider may request FHSA holder's or applicant's tax file number             56

58.......... FHSA provider must request FHSA holder to quote tax file number if not quoted previously                 56

59.......... No obligation to quote tax file number .............................................. 57

60.......... Use of tax file number for certain purposes ...................................... 57

61.......... FHSA provider must inform other FHSA provider or superannuation provider of tax file number for certain purposes .......................................................................................................... 59

Subdivision B--Method of quotation of tax file numbers, including deemed quotation               60

62.......... Method of quoting tax file number .................................................... 60

63.......... FHSA holder taken to have quoted where Commissioner gives notice 61

64.......... Information provided by FHSA provider taken to have been provided by FHSA holder         61

65.......... FHSA holder or applicant taken to have quoted if he or she quoted for other purposes            61

Subdivision C--Incorrect quotation of tax file number                                  62

66.......... Effect of mistaken quotation of tax file number ................................. 62

67.......... Effect of invalid quotation of tax file number .................................... 62

Subdivision D--Provision of tax file numbers in forms etc.                          63

68.......... Forms etc. may require tax file number ............................................. 63

69.......... Failure to quote tax file number ......................................................... 64

Division 3--Secrecy                                                                                                      64

Division 4--Review of decisions                                                                            65

Subdivision A--Review of Commissioner decisions relating to Government FHSA contributions           65

71.......... Review of decisions .......................................................................... 65

72.......... Authorised review officers ................................................................ 65

73.......... Withdrawal of review applications .................................................... 65

Subdivision B--Review of certain APRA decisions                                          66

74.......... Reviewable decision .......................................................................... 66

75.......... Review of certain decisions ............................................................... 66

76.......... Statements to accompany notification of decisions ............................ 68

Part 6--Enforcement                                                                                                          69

Division 1--Information gathering                                                                      69

77.......... Commissioner may require person or legal representative to give information          69

78.......... Commissioner may require FHSA provider to give information ...... 70

79.......... Self-incrimination .............................................................................. 71

Division 2--Access to premises                                                                              72

80.......... Appointment of authorised persons .................................................. 72

81.......... Powers of authorised person in relation to premises ......................... 72

82.......... Obligations of authorised persons--all cases .................................... 73

83.......... Obligations of authorised persons--entry by consent ....................... 73

84.......... Obligations of authorised persons--entry by warrant ....................... 73

85.......... Obstruction of authorised person acting under a warrant .................. 74

86.......... Persons to assist authorised persons acting under a warrant ............. 74

87.......... Issue of warrant to enter premises ..................................................... 75

88.......... Identity cards ..................................................................................... 75

Part 7--Prudential provisions                                                                                       77

Division 1--Authorisation of RSE licensees as FHSA providers         77

Subdivision A--Applying for authorisation as FHSA provider                    77

89.......... RSE licensee applications for authorisation as FHSA providers ....... 77

90.......... APRA may request further information ............................................ 77

91.......... Period within which application is to be decided ............................... 78

Subdivision B--Grant of authorisation as FHSA provider                            78

92.......... Grant of authorisation as FHSA provider ......................................... 78

93.......... Capital requirements .......................................................................... 79

94.......... Documents required to bear ABN ..................................................... 80

95.......... When an authorisation is in force ...................................................... 80

96.......... APRA to give notice of refusal of applications ................................. 81

Subdivision C--Conditions on authorisation as FHSA provider                  81

97.......... Conditions imposed on all authorisations .......................................... 81

98.......... Additional conditions imposed by APRA on individual authorisations 82

99.......... Directions to comply with conditions on authorisation ..................... 83

Subdivision D--Variation or revocation of condition on authorisation as FHSA provider        83

100........ Applications for variation or revocation of condition on authorisation as FHSA provider        83

101........ APRA may request further information ............................................ 83

102........ Period for deciding applications ........................................................ 84

103........ APRA may vary or revoke conditions on authorisation--in accordance with application         84

104........ APRA may vary or revoke conditions on authorisation--on its own initiative         85

105........ Notification of APRA's decisions under this Division ..................... 86

106........ When variations or revocations come into force etc. ......................... 87

Subdivision E--Cancelling authorisation as FHSA provider                        87

107........ Cancellation of authorisation as FHSA provider ............................... 87

108........ Cancellation of authorisation for FHSA provider that is financial services licensee 88

109........ APRA may allow authorisation as FHSA provider to continue in effect 88

Subdivision F--Offences and self-incrimination                                              89

110........ Providing an FHSA while unauthorised etc. ..................................... 89

111........ Failing to notify breach of condition on authorisation ....................... 89

112........ Not complying with direction to comply with condition on authorisation                 90

113........ Breach does not affect validity of issue of FHSA etc. ....................... 91

Division 2--Application of the Superannuation Industry (Supervision) Act 1993            92

114........ Modified application of the Superannuation Industry (Supervision) Act 1993          92

115........ Provisions of the Superannuation Industry (Supervision) Act 1993 that do not apply              93

116........ General modifications of applicable provisions of the Superannuation Industry (Supervision) Act 1993                 93

117........ References to Prudential Standards ................................................... 94

118........ Persons who may be appointed to be custodians of FHSA trusts--approved guarantee etc.    95

119........ Transfer of FHSA trusts ................................................................... 95

120........ Covenants to be included in governing rules--investment management   95

120A..... Injunctions for breach of conditions on authorisations ...................... 96

Division 3--Prudential Standards                                                                         98

121........ Prudential Standards ......................................................................... 98

122........ Notice of determination, variation or revocation of certain Prudential Standards       99

Division 4--Other prudential provisions                                                        100

123........ Requirement for ADIs and life insurance companies to notify APRA of intention to provide FHSAs     100

123A..... Life insurance companies and ADIs may revoke notice of intention to provide FHSAs           100

124........ Obligations of FHSA providers in relation to certain life policies ... 100

125........ Protection for small balances ........................................................... 101

Part 8--Miscellaneous                                                                                                      103

126........ Annual reports ................................................................................ 103

126A..... FHSA provider to provide information ........................................... 103

126B..... Certain uses of FHSAs prohibited .................................................. 104

126C..... Protection for FHSA provider ........................................................ 104

127........ Civil immunity where defendant was complying with this Act ....... 105

128........ Payment out of a fund in accordance with the Bankruptcy Act 1966 105

128A..... Special provisions applying if financial claims scheme entitlements arise in relation to FHSAs               105

129........ Compensation for acquisition of property ....................................... 107

130........ State insurance ................................................................................ 108

131........ Regulations ..................................................................................... 108

Notes                                                                                                                                            109

Notes to the First Home Saver Accounts Act 2008

Note 1

The First Home Saver Accounts Act 2008 as shown in this compilation comprises Act No. 44, 2008 amended as indicated in the Tables below.

For all relevant information pertaining to application, saving or transitional provisions see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
First Home Saver Accounts Act 2008	44, 2008	25 June 2008	26 June 2008
First Home Saver Accounts (Further Provisions) Amendment Act 2008	92, 2008	30 Sept 2008	Schedule 1 (items 2, 3, 26) and Schedule 2 (items 4-37): 1 Oct 2008 Schedule 4: 1 Mar 2009 (see s. 2(1))	Sch. 1 (item 26) S. 2(1) (item 4) (am. by 8, 2010, Sch. 2 [item 13])
as amended by
Statute Law Revision Act 2010	8, 2010	1 Mar 2010	Schedule 2 (item 13): (see 8, 2010 below)	--
Family Law Amendment (De Facto Financial Matters and Other Measures) Act 2008	115, 2008	21 Nov 2008	Schedule 2 (item 33): 1 Mar 2009	--
Tax Laws Amendment (2009 Measures No. 2) Act 2009	42, 2009	23 June 2009	Schedule 1 (items 4-10): Royal Assent	Sch. 1 (item 10)
Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009	75, 2009	27 Aug 2009	Schedule 1 (item 205): 27 Feb 2010 Schedule 2 (items 13, 14): 28 Aug 2009	Sch. 2 (item 14)
Statute Law Revision Act 2010	8, 2010	1 Mar 2010	Schedule 1 (item 29): Royal Assent Schedule 2 (item 13): (a)	--
Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010	145, 2010	16 Dec 2010	Schedule 2 (items 18-20): 17 Dec 2010	--
Tax Laws Amendment (2011 Measures No. 1) Act 2011	31, 2011	25 May 2011	Schedule 3 (items 1-31, 36): 26 May 2011	Sch. 3 (item 36)

(a)     Subsection 2(1) (item 16) of the Statute Law Revision Act 2010 provides as follows:

                 (1)   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
16.  Schedule 2, item 13	Immediately after the time specified in the First Home Saver Accounts (Further Provisions) Amendment Act 2008 for the commencement of section 2 of that Act.	30 September 2008

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted
Provision affected	How affected
Part 1
Division 1
S. 3......................................	am. No. 92, 2008; No. 8, 2010
Note to s. 3(1).....................	ad. No. 145, 2010
Part 2
Division 1
S. 11....................................	am. No. 92, 2008
Subheads. to s. 15(1), (2)..	ad. No. 31, 2011
S. 15....................................	am. No. 92, 2008; No. 31, 2011
Note to s. 15(1)...................	ad. No. 42, 2009
Subhead. to s. 16(1)...........	ad. No. 31, 2011
S. 16....................................	am. No. 31, 2011
Subhead. to s. 17(1)...........	ad. No. 31, 2011
S. 17....................................	am. No. 92, 2008; No. 31, 2011
Note to s. 17(2)...................	ad. No. 31, 2011
Note to s. 17(4)...................	ad. No. 31, 2011
S. 17A..................................	ad. No. 92, 2008
Division 2
S. 18....................................	am. Nos. 92 and 115, 2008; No. 75, 2009; No. 145, 2010; No. 31, 2011
Part 3
Division 1
S. 19....................................	am. No. 92, 2008; No. 31, 2011
Note to s. 19(1)...................	rep. No. 31, 2011
Notes 1, 2 to s. 19(1)..........	ad. No. 31, 2011
Note to s. 19(3)...................	ad. No. 42, 2009
S. 20....................................	am. No. 31, 2011
Note to s. 20(5)...................	ad. No. 42, 2009
S. 21....................................	am. No. 31, 2011
Note to s. 21(1)...................	rep. No. 31, 2011
Notes 1, 2 to s. 21(1)..........	ad. No. 31, 2011
Heading to s. 22.................	rs. No. 31, 2011
S. 22....................................	am. No. 92, 2008; No. 31, 2011
S. 23....................................	am. No. 31, 2011
Division 2
S. 26....................................	am. No. 31, 2011
Ss. 27, 28............................	am. No. 92, 2008
Division 3
S. 31....................................	am. No. 92, 2008; No. 31, 2011
Note to s. 31(1) Renumbered Note 1.......	No. 42, 2009
Note 2 to s. 31(1)................	ad. No. 42, 2009
Division 4
S. 32A..................................	ad. No. 31, 2011
S. 34....................................	am. No. 92, 2008
S. 35....................................	am. No. 31, 2011
Part 4
Division 1
Note to s. 36(1)...................	ad. No. 31, 2011
Part 4A
Part 4A.................................	ad. No. 92, 2008
Ss. 51A-51C.......................	ad. No. 92, 2008
Note to s. 51C(2)................	ad. No. 31, 2011
Ss. 51D, 51E.......................	ad. No. 92, 2008
Part 5
Division 2
Subdivision C
S. 67....................................	am. No. 92, 2008; No. 31, 2011
Division 3
S. 70....................................	am. No. 92, 2008
	rep. No. 145, 2010
Part 7
Division 2
S. 114..................................	am. No. 92, 2008
S. 120A................................	ad. No. 75, 2009
Division 4
S. 123..................................	am. No. 92, 2008
S. 123A................................	ad. No. 92, 2008
Part 8
S. 126A................................	ad. No. 92, 2008
	am. No. 92, 2008
Ss. 126B, 126C...................	ad. No. 92, 2008
S. 128A................................	ad. No. 42, 2009
Note to s. 128A(5)..............	ad. No. 31, 2011

Table A

Application, saving or transitional provisions

First Home Saver Accounts (Further Provisions) Amendment Act 2008
(No. 92, 2008)

Schedule 1

26  Application

The amendments made by this Schedule apply from 1 October 2008.

Tax Laws Amendment (2009 Measures No. 2) Act 2009 (No. 42, 2009)

Schedule 1

10  Application

The amendments of the First Home Saver Accounts Act 2008 made by this Schedule apply in relation to entitlements arising under Division 2AA (Financial claims scheme for account-holders with insolvent ADIs) of Part II of the Banking Act 1959 after 17 October 2008.

Note:       Division 2AA of Part II of the Banking Act 1959 commenced on 18 October 2008.

Financial Sector Legislation Amendment (Enhancing Supervision and Enforcement) Act 2009 (No. 75, 2009)

Schedule 2

14  Application

The amendments made by this Schedule apply in relation to applications for injunctions made on or after the commencement of this Schedule, whether the conduct, refusal or failure that is the subject of the application occurred before, on or after that commencement.

Tax Laws Amendment (2011 Measures No. 1) Act 2011 (No. 31, 2011)

Schedule 3

36  Application provision

The amendments made by this Schedule apply in relation to acquisitions of qualifying interests in dwellings on or after the commencement of this Schedule.