Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p13
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 13/79)
Character Range: 4863515–4866465

receive under section 307‑15 because it is paid to a KiwiSaver scheme provider by the Commissioner in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999 is not assessable income and is not *exempt income.

Division 313—First home super saver scheme

Table of Subdivisions
 Guide to Division 313
313‑A Preliminary
313‑B Assessable income and tax offset
313‑C Purchasing or constructing a residential premises
313‑D Contributing amounts to superannuation
313‑E First home super saver tax
313‑F Review of decisions

Guide to Division 313

313‑1  What this Division is about

      If an amount is released from your superannuation interests under the first home super saver scheme, an amount may be included in your assessable income and you may become entitled to a tax offset.
      You also have a limited period within which to enter into a contract to purchase or construct a residential premises or re‑contribute an amount to your superannuation. If you do not notify the Commissioner that you have done one of those things, you become liable for tax.

Subdivision 313‑A—Preliminary

Table of sections

Operative provisions
313‑5 Object of this Division
313‑10 Application of this Division

Operative provisions

313‑5  Object of this Division
  The object of this Division is to provide an individual with concessional tax treatment for amounts released from superannuation for the purposes of purchasing or constructing the individual's first home.

313‑10  Application of this Division
  This Division applies to you for one or more amounts (the FHSS released amounts) if:
 (a) those amounts are paid in response to a release authority issued under Division 131 in Schedule 1 to the Taxation Administration Act 1953 in relation to a *first home super saver determination made in relation to you; and
 (b) your entitlements under section 131‑65 in that Schedule to credits relating to those amounts have not ceased under subsection 131‑30(4) or 138‑13(3) in that Schedule.

Subdivision 313‑B—Assessable income and tax offset

Guide to Subdivision 313‑B

313‑15  What this Subdivision is about

      An amount is included in your assessable income, and you are entitled to a tax offset, if:
             (a) an amount is paid in response to a release authority issued in respect of you; and
             (b) your entitlement to a credit relating to that amount has not ceased.
      The amount included in your assessable income relates to the concessional contributions and total associated earnings that are stated in the relevant first home super saver determination.

Table of sections

Operative provisions
313‑20 Amount included in assessable income
313‑25 Amount of the tax offset

Operative provisions

313‑20  Amount included in assessable income
 (1) Your assessable income, for the income year that corresponds to the *financial year for which you requested the release authority, includes an amount that