Document ID: chunk:federal_register_of_legislation:C2013C00595:clause:3_34
Version: federal_register_of_legislation:C2013C00595
Segment Type: clause
Provision Reference: sch 3 cl 34
Character Range: 24133–24683

34  At the end of section 345‑100
Add:

Payments for repaying a mortgage
 (2) A person is liable to pay tax imposed by the Income Tax (First Home Saver Accounts Misuse Tax) Act 2008 in respect of an *FHSA mortgage payment from an *FHSA held by the person if:
 (a) the payment fails to satisfy the *FHSA payment conditions; or
 (b) the payment satisfies the FHSA payment conditions, but is an *FHSA ineligibility payment.
Note: The Commissioner may make an assessment of the amount of the tax under section 169 of the Income Tax Assessment Act 1936.