INCOME TAX (FIRST HOME SAVER ACCOUNTS MISUSE TAX) ACT 2008 (REPEALED)

SECTION 5   Amount of tax  

5(1)    
If the payment is an FHSA ineligibility payment (but satisfies the FHSA payment conditions) the amount of the tax is the sum of:

(a) the clawback tax amount for the FHSA (see section 6 ); and

(b) the sum of each non-recognised Government FHSA contribution (see section 7 ) of the individual that is payable for a financial year that began before the payment is made.

5(2)    
If the payment fails to satisfy the FHSA payment conditions, the amount of the tax is the sum of:

(a) the clawback tax amount for the FHSA (see section 6 ); and

(b) the sum of each Government FHSA contribution of the individual that is payable for a financial year that began before the payment mentioned in section 4 is made.