Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Act 2017 (132 of 2017)

Schedule 1   First home super saver scheme

Part 3   Other amendments

Division 1   Definitions

Income Tax Assessment Act 1997
21   Subsection 995-1(1)

Insert:

assessable FHSS released amount , for an income year, means the amount included in a person's assessable income for the income year under section 313-20 in respect of the person's *FHSS released amounts.

assessed first home super saver tax means *first home super saver tax, as assessed under Schedule 1 to the Taxation Administration Act 1953.

FHSS eligible concessional contribution for a *financial year means a *concessional contribution for the financial year that is eligible to be released under section 138-35 in Schedule 1 to the Taxation Administration Act 1953.

FHSS eligible non-concessional contribution for a *financial year means a *non-concessional contribution for the financial year that is eligible to be released under section 138-35 in Schedule 1 to the Taxation Administration Act 1953.

FHSS maximum release amount has the meaning given by section 138-25 in Schedule 1 to the Taxation Administration Act 1953.

FHSS releasable contributions amount has the meaning given by subsection 138-30(1) in Schedule 1 to the Taxation Administration Act 1953.

FHSS released amounts has the meaning given by section 313-10.

first home super saver determination has the meaning given by subsection 138-10(1) in Schedule 1 to the Taxation Administration Act 1953.

first home super saver scheme means the scheme set out in:

(a) Division 313; and

(b) Division 138 in Schedule 1 to the Taxation Administration Act 1953;

and other provisions as they relate to those Divisions.

first home super saver tax means the tax imposed by the First Home Super Saver Tax Act 2017.


Copyright notice

© Australian Taxation Office for the Commonwealth of Australia

You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).