FIRST HOME SAVER ACCOUNTS ACT 2008 [ REPEALED]

PART 4 - GOVERNMENT FHSA CONTRIBUTIONS  

Division 2 - Payment of Government FHSA contribution  

SECTION 43   Providers to return Government FHSA contribution in certain circumstances  

43(1)  
If:


(a) a Government FHSA contribution for a person is paid to an FHSA provider or a superannuation provider; and


(b) the provider has not paid the contribution to an FHSA held by the person, or to a superannuation interest of the person in a complying superannuation plan, by the end of the 28th day after the day on which the contribution was paid to the provider;

the provider:


(c) is liable to repay the contribution to the Commonwealth; and


(d) must advise the Commissioner of the repayment, in the approved form, when the contribution is repaid.

Note 1:

The liability to repay the contribution is a tax-related liability: see Part 4-15 in Schedule 1 to the Taxation Administration Act 1953 for collection and recovery provisions.

Note 2:

Section 52 provides for the imposition of general interest charge if the contribution is not repaid within a certain period.

Note 3:

Section 286-75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of paragraph (1)(d). A breach of that paragraph may also be an offence under section 8C of that Act.

43(2)  
The amount is due and payable 7 days after the day on which the provider first becomes liable to repay the contribution.




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