INCOME TAX ASSESSMENT ACT 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 313 - First home super saver scheme  

Subdivision 313-C - Purchasing or constructing a residential premises  

Operative provisions

SECTION 313-35   Purchasing or constructing a residential premises  

313-35(1)  


Section 313-40 applies to you if:


(a) a *first home super saver determination is made in relation to you; and


(b) you make a valid request under section 131-5 in Schedule 1 to the Taxation Administration Act 1953 in relation to that determination that is your first such request; and


(c) you enter into a contract to purchase or construct a *CGT asset that is a *residential premises in Australia within the period:


(i) beginning 14 days before the day you make the valid request; and

(ii) ending 12 months (or if extended under subsection (2), that longer period) after the day you make the valid request; and


(d) the price for the purchase or construction of the premises is at least equal to the total amount to be released that is stated in the valid request; and


(e) you have occupied the premises, or intend to occupy the premises as soon as practicable; and


(f) you intend to occupy the premises for at least 6 months of the first 12 months after it is practicable to occupy the premises.

313-35(2)  
The Commissioner may extend the period for entering into a contract by up to 12 months.

Note:

If you request an extension of the period, you may object against a decision of the Commissioner under this section (see section 313-85 ).


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