Treasury Laws Amendment (2019 Measures No. 1) Act 2019 (49 of 2019)

Schedule 4   Miscellaneous amendments

Part 2   Amendments commencing the first 1 January, 1 April, 1 July or 1 October to occur after Royal Assent

Income Tax Assessment Act 1997

79   Subsection 313-35(1)

Repeal the subsection, substitute:

(1) Section 313-40 applies to you if:

(a) a *first home super saver determination is made in relation to you; and

(b) you make a valid request under section 131-5 in Schedule 1 to the Taxation Administration Act 1953 in relation to that determination that is your first such request; and

(c) you enter into a contract to purchase or construct a *CGT asset that is a *residential premises in Australia within the period:

(i) beginning 14 days before the day you make the valid request; and

(ii) ending 12 months (or if extended under subsection (2), that longer period) after the day you make the valid request; and

(d) the price for the purchase or construction of the premises is at least equal to the total amount to be released that is stated in the valid request; and

(e) you have occupied the premises, or intend to occupy the premises as soon as practicable; and

(f) you intend to occupy the premises for at least 6 months of the first 12 months after it is practicable to occupy the premises.

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