Commonwealth Consolidated Regulations

CORPORATIONS REGULATIONS 2001 - REG 7.9.74B

         (1)   For paragraph 1017D (5) (g) of the Act, a periodic statement for an FHSA product must include the following words:

The First Home Saver Account is an Australian Government initiative to help Australians save for their first home.

         (2)   For paragraph 1017D (5) (g) of the Act, if the holder of an FHSA product has not acquired a qualifying interest in a dwelling at the time when a periodic statement is to be provided in relation to the FHSA product, the periodic statement must include:

                (a)    the number of financial years after the end of the reporting period for the statement during which the holder of the product must make personal FHSA contributions as required by the First Home Saver Accounts Act 2008 before payment may be made out of the FHSA product under section 32 of that Act; or

               (b)    if the number of financial years is 0 -- a statement that the holder may, subject to the First Home Saver Accounts Act 2008 , apply for payment out of the FHSA product to acquire a qualifying interest in a dwelling under that Act.

         (3)   For paragraph 1017D (5) (g) of the Act, if the holder of an FHSA product has acquired a qualifying interest in a dwelling at the time when a periodic statement is to be provided in relation to the FHSA product, the periodic statement must include the number of financial years after the end of the reporting period during which the holder of the FHSA product will be taken to be making personal FHSA contributions under the First Home Saver Accounts Act 2008 .

         (4)   In this regulation:

"personal FHSA contribution" has the meaning given in section 11 of the First Home Saver Accounts Act 2008 .

"qualifying interest," in a dwelling, has the meaning given by section 12 of the First Home Saver Accounts Act 2008 .