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First Home Saver Accounts (Further Provisions) Amendment Bill 2008

Schedule 1 Amendments applying from 1 October 2008

   

Anti-Money Laundering and Counter-Terrorism Financing Act 2006

1  Section 5 (definition of contribution )

Repeal the definition, substitute:

contribution :

                     (a)  in relation to an FHSA—has the same meaning as in the First Home Saver Accounts Act 2008 ; or

                     (b)  in relation to an RSA—has the same meaning as in the Retirement Savings Accounts Act 1997 .

First Home Saver Accounts Act 2008

2  At the end of subsection 31(1)

Add:

               ; or (h)  the payment is to enable the provider to make a payment of an amount of tax.

3  Before section 127

Insert:

126C   Protection for FHSA provider

                   An FHSA provider is not liable for loss or damage suffered by any person because of things done (or not done) by the provider in good faith in reliance on:

                     (a)  an application made to the provider in accordance with section 126A; or

                     (b)  a family law obligation.

Fringe Benefits Tax Assessment Act 1986

4  Subsection 136(1) (after paragraph (hc) of the definition of fringe benefit )

Insert:

                   (hd)  a benefit:

                              (i)  constituted by the making of a contribution to an FHSA (within the meaning of the First Home Saver Accounts Act 2008 ); or

                             (ii)  that is an expense payment benefit in relation to a contribution to an FHSA (within the meaning of the First Home Saver Accounts Act 2008 ); or

Income Tax Assessment Act 1936

5  Subsection 6(1)

Insert:

FHSA has the meaning given by the First Home Saver Accounts Act 2008 .

6  Subsection 159J(6) (after paragraph (aad) of the definition of separate net income )

Insert:

                  (aae)  does not include an amount of earnings or other return credited to an FHSA; and

                  (aaf)  does not include a Government FHSA contribution (within the meaning of the First Home Saver Accounts Act 2008 ); and

7  Section 202A (definition of interest-bearing account )

After “an RSA”, insert “or FHSA”.

8  Section 202A (definition of interest-bearing deposit )

After “an RSA”, insert “or FHSA”.

9  Section 202A (definition of unit trust )

After “but does not include”, insert “an FHSA trust or”.

Income Tax Assessment Act 1997

10  Section 10-5 (after table item headed “films”)

Insert:

first home saver accounts

 

employer FHSA contributions etc........................................

15-80

11  Section 10-5 (table item headed “reimbursements”)

After “ elections, ”, insert “ first home saver accounts, ”.

12  Section 11-55 (table item headed “first home saver accounts”)

After:

credits to and payments from..................................................

345-50

insert:

tax paid by providers.................................................................

345-30

13  At the end of Division 15 of Part 2-1 of Chapter 2

Add:

15-80   Employer FHSA contributions etc.

                   Your assessable income includes a contribution or expense payment benefit of a kind mentioned in paragraph (hd) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 that, but for that paragraph, would be a * fringe benefit * provided to you.

14  At the end of section 205-15

Add:

             (3)  Despite item 1 or 2 of the table in subsection (1), no credit arises on that part of the payment that is attributable to a payment of income tax in relation to either or both of the following:

                     (a)  an * FHSA component;

                     (b)  an * RSA component.

15  Section 205-30

Before “The following”, insert “(1)”.

16  At the end of section 205-30

Add:

             (2)  Despite item 2 of the table in subsection (1), no debit arises on that part of the refund that is attributable to a payment of income tax in relation to either or both of the following:

                     (a)  an * FHSA component;

                     (b)  an * RSA component.

17  Paragraph 290-5(d)

Omit “section 22 or 34 of”.

18  Paragraph 295-171(a)

Omit “section 22 or 34 of”.

19  Section 295-495 (after table item 4)

Insert:

4A

* RSA provider that is also an * FHSA provider

Amounts credited to * FHSAs

20  Paragraph 295-615(1)(b)

After “ Act 1997 ”, insert “, the First Home Saver Accounts Act 2008 ”.

21  At the end of subsection 295-615(1)

Add:

                   ; (e)  the First Home Saver Accounts Act 2008 .

22  At the end of Subdivision 345-A of Division 345 of Part 3-45

Add:

345-25   FHSA provider that is an ADI (other than an RSA provider)—amounts that cannot be deducted

                   An * FHSA provider that is an * ADI (other than an * RSA provider) cannot deduct anything for amounts credited to * FHSAs.

345-30   Amounts of tax paid by FHSA providers that are ADIs

                   An amount is not assessable income and is not * exempt income of an * FHSA provider if:

                     (a)  the amount is paid from an * FHSA to the FHSA provider to enable the provider to make a payment of a kind mentioned in paragraph 31(1)(h) of the First Home Saver Accounts Act 2008 ; and

                     (b)  the provider is an ADI.

Superannuation (Government Co-contribution for Low Income Earners) Act 2003

23  Subparagraph 7(1)(c)(v)

Omit “section 22 or 34 of”.

Taxation Administration Act 1953

24  Paragraph 12-1(3)(b) in Schedule 1

Repeal the paragraph, substitute:

                     (b)  is not any of the following:

                              (i)  an exempt benefit under section 22 of that Act (about reimbursement of car expenses on the basis of distance travelled);

                             (ii)  an expense payment benefit in relation to a contribution to an * FHSA.

25  Paragraph 391-5(1)(e) in Schedule 1

Omit “or (g)”, substitute “, (g) or (h)”.

26  Application

The amendments made by this Schedule apply from 1 October 2008.