Income Tax Assessment Act 1997

CHAPTER 3 - SPECIALIST LIABILITY RULES  

PART 3-30 - SUPERANNUATION  

Division 313 - First home super saver scheme  

Subdivision 313-D - Contributing amounts to superannuation  

Operative provisions

SECTION 313-50   Contributing amounts to superannuation  

313-50(1)  
This section applies to you if:


(a) you do not notify the Commissioner in accordance with section 313-40 (about purchasing or constructing a *residential premises); and


(b) you make one or more *non-concessional contributions the sum of which is at least equal to:


(i) your *assessable FHSS released amount for an income year; less

(ii) the amount withheld by the Commissioner from your *FHSS released amounts under section 12-460 in Schedule 1 to the Taxation Administration Act 1953 ; and


(c) you make the contributions within the period mentioned in paragraph 313-35(1)(c) .

Note:

Paragraph 313-35(1)(c) sets out the period in which you must have entered into a contract to purchase or construct a residential premises.

313-50(2)  
You may notify the Commissioner in the *approved form that you have made the contributions mentioned in paragraph (1)(b).

Note 1:

If you notify the Commissioner, you cannot deduct the contribution (see section 290-168 ).

Note 2:

If you do not notify the Commissioner, you may be liable for tax (see Subdivision 313-E ).

313-50(3)  


The notification must be made within the period mentioned in paragraph 313-35(1)(c) or such longer period as the Commissioner allows under this subsection.
Note:

If you request an extension of the period, you may object against a decision of the Commissioner under this subsection (see section 313-85 ).

313-50(4)  
Subsection (2) does not limit the information that the *approved form may require the notification to contain.


 

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.