S 306-10 amended by No 75 of 2023, s 3 and Sch 4 items 1
-
3, by omitting
"
and
"
after
"
a *superannuation annuity;
"
from para (c)(iii) and inserting para (c)(iv) and note 3, effective 15 September 2024. No 75 of 2023, s 3 and Sch 4 items 28 and 30 contain the following application and transitional provisions:
28 Application of amendments etc.
(1)
The amendments made by this Schedule apply in relation to first home super saver determinations made, or to be made, on or after 1 July 2018.
(2)
However, the amendments made by this Schedule of the following provisions apply in relation to first home super saver determinations made, or to be made, on or after the commencement of this Schedule:
(a)
paragraph
138-10(2)(a)
in Schedule
1
to the
Taxation Administration Act 1953
;
(b)
subsection
313-40(2)
of the
Income Tax Assessment Act 1997
.
(3)
Subitem (4) applies for the purposes of subsection
313-35(1)
of the
Income Tax Assessment Act 1997
, if the first home super saver determination mentioned in paragraph
(a)
of that subsection is made before the commencement of this Schedule.
(4)
Treat the reference in subparagraph
313-35(1)(c)(i)
of that Act (as inserted by this Schedule) to
"
90 days
"
as instead being a reference to
"
14 days
"
.
…
30 Transitional
-
assisting individuals who have unsuccessfully attempted to obtain FHSS released amounts
(1)
This item applies if:
(a)
a first home super saver determination (the
original determination
) was made in relation to you during the period:
(i)
starting on 1 July 2018; and
(ii)
ending immediately before the commencement of this Schedule; and
(b)
after the original determination was made, you begin holding an interest that:
(i)
relates to real property or land; and
(ii)
is an interest of a kind mentioned in paragraph
138-10(2)(a)
in Schedule
1
to the
Taxation Administration Act 1953
(as amended by this Schedule); and
(c)
during the 3-year period starting at the commencement of this Schedule, you take one or more of the following actions:
(i)
apply, under subsection
138-13(2)
in Schedule
1
to the
Taxation Administration Act 1953
, to amend the original determination;
(ii)
amend, under subsection
131-12(1)
in that Schedule, your valid request relating to the original determination;
(iii)
apply, under subsection
131-30(3)
in that Schedule, to vary a release authority issued in relation to the original determination; and
(d)
when you take such an action, the Commissioner has not begun treating, under Division
3
of Part
IIB
of the
Taxation Administration Act 1953
, any credit to which you have become entitled:
(i)
under section
131-65
in Schedule
1
to that Act; and
(ii)
in relation to a release authority relating to any first home super saver determination made in relation to you.
(2)
For the purposes of an action covered by paragraph (1)(c), each of the following provisions in Schedule
1
to the
Taxation Administration Act 1953
:
(a)
paragraph
138-13(1)(a)
;
(b)
paragraph
131-12(1)(b)
;
(c)
subparagraph
131-30(2)(a)(ii)
;
applies to you as if you satisfy paragraph
138-10(2)(a)
in that Schedule.
Note:
This means the fact that you now hold that interest relating to real property or land does not prevent you from seeking to:
(a) amend the original determination; or
(b) amend your valid request for a release authority relating to the original determination; or
(c) vary a release authority issued in relation to the original determination.
(3)
However, any amendment of the original determination as a result of this item:
(a)
must not state an FHSS maximum release amount that exceeds what that amount could have been at the time the original determination was made; and
(b)
must reflect the limits that were in paragraphs
138-35(1)(a)
and
(b)
in Schedule
1
to the
Taxation Administration Act 1953
at the time the original determination was made.
(4)
Subdivisions
313-C
to
313-E
of the
Income Tax Assessment Act 1997
do not apply to you in circumstances relating to, or resulting from, (whether directly or indirectly) an action covered by paragraph (1)(c) of this item.
S 306-10 amended by No 81 of 2016, s 3 and Sch 1 item 5, by omitting
"
member
"
after
"
*superannuation
"
from para (a), effective 1 January 2017 and applicable on and after 1 July 2017.
S 306-10 inserted by
No 9 of 2007
, s 3 and Sch 1 item 1, applicable on and after 1 July 2007.