INCOME TAX ASSESSMENT ACT 1997
This section applies to you if:
(a) you do not notify the Commissioner in accordance with section 313-40 (about purchasing or constructing a *residential premises); and
(b) you make one or more *non-concessional contributions the sum of which is at least equal to:
(i) your *assessable FHSS released amount for an income year; less
(ii) the amount withheld by the Commissioner from your *FHSS released amounts under section 12-460 in Schedule 1 to the Taxation Administration Act 1953 ; and
(c) you make the contributions within the period mentioned in paragraph 313-35(1)(c) .
Paragraph 313-35(1)(c) sets out the period in which you must have entered into a contract to purchase or construct a residential premises.
You may notify the Commissioner in the *approved form that you have made the contributions mentioned in paragraph (1)(b).
If you notify the Commissioner, you cannot deduct the contribution (see section 290-168 ).
If you do not notify the Commissioner, you may be liable for tax (see Subdivision 313-E ).313-50(3)
The notification must be made within the period mentioned in paragraph 313-35(1)(c) or such longer period as the Commissioner allows under this subsection.
If you request an extension of the period, you may object against a decision of the Commissioner under this subsection (see section 313-85 ).
Subsection (2) does not limit the information that the *approved form may require the notification to contain.