Income Tax Assessment Act 1997
Your assessable income, for the income year that corresponds to the *financial year for which you requested the release authority, includes an amount that is equal to the sum of the following amounts stated in the *first home super saver determination:
(a) your *concessional contributions;
(b) your associated earnings. 313-20(2)
However, if the sum of the *FHSS released amounts is less than the *FHSS maximum release amount stated in the determination, the amount included in your assessable income for the income year is:
(a) the amount worked out under subsection (1); less
(b) the difference between the FHSS maximum release amount and the sum of the FHSS released amounts. 313-20(3)
If the amount worked out under subsection (2) is negative, the amount included in your assessable income for the income year is nil.
Any amounts paid in response to the release authorities are non-assessable non-exempt income (see section 303-15).
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