FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 4A - UNCLAIMED MONEY  

SECTION 51A   Statement of unclaimed money etc.  

51A(1)    
An FHSA provider commits an offence if:


(a) at the end of a calendar year, there is unclaimed money held in FHSAs provided by it; and


(b) within 3 months after the end of the year, the provider has not given ASIC a statement complying with subsections (2), (3) and (4).

Penalty: 50 penalty units.


51A(2)    
The statement must be in the approved form.

51A(3)    
The approved form may require the statement to contain the following information in relation to each FHSA mentioned in paragraph (1)(a):


(a) the FHSA holder ' s name;


(b) the FHSA holder ' s address;


(c) the amount of unclaimed money;


(d) the FHSA provider;


(e) the FHSA account number, policy number or other identifying number.

51A(4)    
If, between the end of the calendar year and the day on which the statement is given to ASIC, the provider has made any payments (other than a payment of a kind mentioned in paragraph 31(1)(f), (g) or (h) ) from any FHSA mentioned in paragraph (1)(a) of this section, the statement must contain information relating to the amounts so paid.

51A(5)    
Subsections (3) and (4) do not limit the information the approved form may require the statement to contain.




This information is provided by CCH Australia Limited Link opens in new window. View the disclaimer and notice of copyright.