Income Tax Assessment Act 1997
Part 3-30 inserted by No 9 of 2007 , s 3 and Sch 1 item 1, applicable to the 2007-2008 income year and later years.
Div 313 inserted by No 132 of 2017, s 3 and Sch 1 item 12, effective 1 July 2018.
Subdiv 313-B inserted by No 132 of 2017, s 3 and Sch 1 item 12, effective 1 July 2018.
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).
S 313-20 inserted by No 132 of 2017, s 3 and Sch 1 item 12, effective 1 July 2018.
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.