Income Tax Assessment Act 1997



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  


Section 313-40 applies to you if:

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


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


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


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.

The Commissioner may extend the period for entering into a contract by up to 12 months.


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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