Tax Laws Amendment (2011 Measures No. 1) Act 2011 (31 of 2011)
Schedule 3 First Home Saver Accounts
Income Tax Assessment Act 1997
34 At the end of section 345-100
Add:
Payments for repaying a mortgage
(2) A person is liable to pay tax imposed by theIncome Tax (First Home Saver Accounts Misuse Tax) Act 2008 in respect of an*FHSA mortgage payment from an*FHSA held by the person if:
(a) the payment fails to satisfy the*FHSA payment conditions; or
(b) the payment satisfies the FHSA payment conditions, but is an*FHSA ineligibility payment.
Note: The Commissioner may make an assessment of the amount of the tax under section 169 of theIncome Tax Assessment Act 1936.