FIRST HOME SAVER ACCOUNTS ACT 2008 (REPEALED)

PART 4A - UNCLAIMED MONEY

SECTION 51C Payment where money later claimed etc.

51C(1)
ASIC must pay to an FHSA provider an amount equal to an amount of unclaimed money in relation to a person if:

(a) unclaimed money in relation to the person has been paid to ASIC on behalf of the Commonwealth under section 51B by the FHSA provider (or another FHSA provider that no longer offers to provide FHSAs); and

(b) the person, or the person ' s legal personal representative, has made an application to the provider in the approved form; and

(c) the provider has made an application to ASIC stating that:

(i) it has approved the application mentioned in paragraph (b); and

(ii) it will contribute or pay the amount in accordance with subsection (2).

51C(1A)
If ASIC pays an amount to an FHSA provider under subsection (1) on or after 1 July 2013, ASIC must also pay to the FHSA provider the amount of interest (if any) worked out in accordance with the regulations.

View history note

History

S 51C(1A) inserted by No 176 of 2012, s 3 and Sch 2 item 4, effective 1 July 2013. No 176 of 2012, s 3 and Sch 2 item 6 contains the following transitional provision:

6 Transitional - supplementary statement and payment obligations
(1)
In addition to their effect apart from this subitem, sections 51A to 51E of the First Home Saver Accounts Act 2008 also have the effect they would have if:

(a) in paragraph 51A(1)(a) of that Act, the words " a calendar year " were omitted and the words " the applicable assessment day " were substituted; and

(b) in paragraph 51A(1)(b) of that Act, the words " within 3 months after the end of the year " were omitted and the words " before the end of 31 May 2013 " were substituted; and

(c) in subsection 51A(4) of that Act, the words " the calendar year " were omitted and the words " the applicable assessment day " were substituted; and

(d) the amendments made by items 1, 2 and 3 of this Schedule had commenced on 31 December 2012; and

(e) any regulations made, in accordance with section 4 of the Acts Interpretation Act 1901 , for the purposes of any of the following provisions of the First Home Saver Accounts Act 2008 had taken effect from the day on which the regulations are registered under the Legislative Instruments Act 2003 :

(i) subparagraph 17A(1)(a)(ii) ;

(ii) subsection 17A(3) ;

(iii) subsection 17A(4) .

No double counting

(2)
For the purposes of the application to an FHSA provider of sections 51A to 51E of the First Home Saver Accounts Act 2008 (as those sections have effect under subitem (1)), unclaimed money does not include any 7-year unclaimed amounts for the FHSA provider.

(3)
For the purposes of this item, if:

(a) an amount is required to be set out in an FHSA provider ' s statement under section 51A of the First Home Saver Accounts Act 2008 (as that section has effect otherwise than under subitem (1)); and

(b) the FHSA provider is required, by section 51A of the First Home Saver Accounts Act 2008 (as that section has effect otherwise than under subitem (1)), to give the statement to ASIC within 3 months after the end of 31 December 2012;
the amount is a 7-year unclaimed amount for the FHSA provider.

Applicable assessment day

(4)
For the purposes of this item, the applicable assessment day for an FHSA provider is:

(a) 30 May 2013; or

(b) if the FHSA provider, by written notice given to ASIC before 30 May 2013, nominates a day that is:

(i) not earlier than 31 December 2012; and

(ii) not later than 29 May 2013;
the nominated day.

51C(1B)
Regulations made for the purposes of subsection (1A) may involve different rates of interest for different periods over which the interest accrues. For this purpose, rate includes a nil rate.

View history note

51C(1C)
Interest under subsection (1A) does not accrue in relation to a period before 1 July 2013.

View history note

51C(2)
AN FHSA provider commits an offence if:

(a) it receives an amount under subsection (1); and

(b) within 30 days after receiving the amount, it does not contribute or pay the amount:

(i) if the application states that the person meets the FHSA eligibility requirements and that he or she wants the amount to be contributed to an FHSA - to an FHSA opened or issued for the person; or

(ii) if the application states that the person wants the amount to be paid to a particular superannuation interest of the person in a complying superannuation plan - to that plan; or

(iii) if the application states that the person is aged 60 or over and that he or she wants the amount to be paid to him or her - to the person; or

(iv) if none of subparagraphs (i), (ii) and (iii) apply - to a superannuation interest for the benefit of the person in the provider ' s default superannuation plan (see section 24 ); or

(v) if the person is deceased - to the person ' s legal personal representative.

Penalty: 50 penalty units.

Note:

For subparagraph (b)(i), the person may still satisfy the FHSA eligibility requirements even though the person has acquired a qualifying interest in his or her main residence (see subsection 15(3) ).

[ CCH Note: S 51C(2) will be amended by No 176 of 2012, s 3 and Sch 2 item 5, by inserting " or (1A) " after " subsection (1) " in para (a), effective 1 July 2012. For transitional provision see note after s 51C(1).]

View history note

51C(3)
If an FHSA provider satisfies ASIC that an amount paid to ASIC under section 51B exceeds the amount that should have been paid under that section, ASIC must refund to the FHSA provider the amount of the excess.

51C(4)
The Consolidated Revenue Fund is appropriated for the purposes of this section.

51C(5)
For the purposes of this Act and any other taxation law, treat an amount paid in accordance with subsection (2) as having been paid from an FHSA.

View history note

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