Providing first home saver accounts

The super fund contribution process

Voluntary contribution to the account holder's super fund

An account holder can transfer their account balance to super at any time and close their account by completing the form Super contributions from a first home saver account (NAT 72537).

When you receive this form from the holder you must:

ensure the account holder's TFN is quoted on the form
complete part 2 of the form and send to their nominated super fund along with the account balance
send a copy of the completed form to the account holder
report the contribution on your FHSA activity report with one of these reason codes

S - compulsory contribution to super, or
V - voluntary contribution to super.

As the account provider, you must notify the:

account holder in writing within 30 days that their FHSA has been closed by sending them a copy of the completed Super contributions from a first home saver account (NAT 72537) form

super fund within seven days that the FHSA has been closed.

Compulsory contribution to the account holder's super fund

You must close an account within 14 days and transfer any balance to super if:

the transfer from another provider is not effected within 30 days
the account holder advises you they are no longer eligible to hold an account
we advise you that the account holder is not eligible to hold an account and the holder provides no evidence to the contrary within 30 days
we advise you that the account holder's quoted TFN is invalid and we are not satisfied they hold a TFN.

Compulsory contribution to the account provider's default super fund

If we decide an account should be inactive or the account holder is no longer eligible to hold an account, we may issue you with a closure notice.

If you receive a notice you must:

make the account inactive from the date you receive the notice
advise the holder they have 30 days from the date of notice to provide their super fund details to you using the Super contributions from a first home saver account (NAT 72537) form
transfer the balance to the holder's nominated super fund or your default super fund (if no nomination is made) after 30 days. This transfer must be made within 14 days. If transferring to your default super fund, use the Super contributions from a first home saver account (NAT 72537) form and provide the default super funds details in part 1 of this form.

Super fund cheque payment details

When you (as payer) make a contribution to a super fund by cheque, make the cheque payable to 'For the account of (FHSA holder name)'.

Sections within Contributing to super

Last Modified: Tuesday, 31 May 2011