INCOME TAX (FIRST HOME SAVER ACCOUNTS MISUSE TAX) ACT 2008 (REPEALED)
The clawback tax amount for the FHSA is the amount worked out under subsection (2) multiplied by the percentage worked out under subsection (3).
6(2)
Work out the amount using the following formula:
where:
earnings component of the FHSA
means the balance of the FHSA just before the time the payment is made, reduced (but not below zero) by:
(a) the amount of personal FHSA contributions made before that time to an FHSA held by the individual; and
(b) the amount (if any) paid by way of Government FHSA contributions before that time to an FHSA held by the individual; and
(c) the amount (if any) of contributions made before that time to an FHSA held by the individual because of a family law obligation.
(a) if the payment is of the balance of the FHSA - 1; or
(b) otherwise - the amount of the payment divided by the balance of the FHSA just before the payment is made.
6(3)
The percentage is the adjusted maximum tax rate reduced by the FHSA tax rate.
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.
