Document ID: chunk:federal_register_of_legislation:C2017A00132:clause:1_1:p1
Version: federal_register_of_legislation:C2017A00132
Segment Type: clause
Provision Reference: sch 1 cl 1 (pt 1/4)
Character Range: 4349–7220

1  At the end of Part 3‑20 in Schedule 1
Add:

Division 138—First home super saver scheme

Table of Subdivisions
 Guide to Division 138
138‑A First home super saver determination
138‑B FHSS maximum release amount

Guide to Division 138

138‑1  What this Division is about
      If you have had voluntary contributions into superannuation, you may be eligible to have those contributions and their associated earnings released for the purposes of purchasing or constructing your first home.

Subdivision 138‑A—First home super saver determination

Guide to Subdivision 138‑A

138‑5  What this Subdivision is about
      If you satisfy particular criteria, you may request that the Commissioner make a determination stating your FHSS maximum release amount and the components that make up that amount.

Table of sections

Operative provisions
138‑10 First home super saver determination
138‑15 Review

Operative provisions

138‑10  First home super saver determination
 (1) A first home super saver determination is a written determination stating:
 (a) your *FHSS maximum release amount; and
 (b) the amount of each of the following components that make up your FHSS maximum release amount:
 (i) your *concessional contributions;
 (ii) your *non‑concessional contributions;
 (iii) your associated earnings.
 (2) You may request the Commissioner, in the *approved form, to make a *first home super saver determination if:
 (a) you have never held:
 (i) a freehold interest in real property in Australia; or
 (ii) a lease of land in Australia (including a renewal or extension of such a lease) as described in paragraph 104‑115(1)(b) of the Income Tax Assessment Act 1997; or
 (iii) a company title interest (within the meaning of Part X of the Income Tax Assessment Act 1936) in land in Australia; and
 (b) you are 18 years or older; and
 (c) you have not previously requested a release authority under Division 131 in relation to a first home super saver determination that has been made in relation to you.
 (2A) If the Commissioner determines that you have suffered a financial hardship, you are taken to have satisfied paragraph (2)(a).
 (2B) The regulations may specify the circumstances in which the Commissioner is to determine that a person has suffered a financial hardship for the purposes of subsection (2A).
 (3) If you make a valid request under subsection (2), the Commissioner must make a *first home super saver determination in relation to you.
 (4) The Commissioner may amend or revoke a *first home super saver determination at any time before a release authority relating to the determination is issued under Division 131.
 (5) Notice of a determination given by the Commissioner under this section is prima facie evidence of the matters stated in the notice.

138‑15  Review
  If you are dissatisfied with:
 (a)  a *first home super saver determination