Taxation Administration Act 1953

SCHEDULE 1 - COLLECTION AND RECOVERY OF INCOME TAX AND OTHER LIABILITIES  

Note: See section 3AA .

Chapter 3 - Collection, recovery and administration of other taxes  

PART 3-20 - SUPERANNUATION  

Division 138 - First home super saver scheme  

Subdivision 138-B - FHSS maximum release amount  

Operative provisions

SECTION 138-40   ASSOCIATED EARNINGS  

138-40(1)  
You are taken to have associated earnings equal to the sum of the amounts worked out under subsection (2) for each contribution counted in your *FHSS releasable contributions amount.

138-40(2)  
The amount for a contribution is equal to the sum (rounded down to the nearest dollar) of the amounts worked out under the following formula for each of the days during the period mentioned in subsection (3).


Shortfall interest charge rate × ( Amount of contribution + Sum of earlier daily proxy amounts )

where:

amount of contribution
means the amount of the contribution that is counted in your *FHSS releasable contributions amount.

shortfall interest charge rate
means the rate, worked out under subsection 280-105(2) , for the day.

sum of earlier daily proxy amounts
means the sum of the amounts worked out for the contribution under the formula for each of the earlier days (if any) during the period for the contribution.

138-40(3)  
The period starts:


(a) if the contribution is made in the *financial year starting on 1 July 2017 - on 1 July 2017; and


(b) if the contribution is made in the financial year starting on 1 July 2018, or a later financial year - on the first day of the month in which the contribution is made or taken to have been made (see subsection 138-30(2) );

and ends on the day the Commissioner makes the *first home super saver determination for which the associated earnings are being worked out.


 

Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited

CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.

The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.