Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p16
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 16/79)
Character Range: 4871311–4874233

you do not notify the Commissioner that you have made the contributions, you may be liable for tax under Subdivision 313‑E.

Table of sections

Operative provisions
313‑50 Contributing amounts to superannuation

Operative provisions

313‑50  Contributing amounts to superannuation
 (1) This section applies to you if:
 (a) you do not notify the Commissioner in accordance with section 313‑40 (about purchasing or constructing a *residential premises); and
 (b) you make one or more *non‑concessional contributions the sum of which is at least equal to:
 (i) your *assessable FHSS released amount for an income year; less
 (ii) the amount withheld by the Commissioner from your *FHSS released amounts under section 12‑460 in Schedule 1 to the Taxation Administration Act 1953; and
 (c) you make the contributions within the period mentioned in paragraph 313‑35(1)(c).
Note: Paragraph 313‑35(1)(c) sets out the period in which you must have entered into a contract to purchase or construct a residential premises.
 (2) You may notify the Commissioner in the *approved form that you have made the contributions mentioned in paragraph (1)(b).
Note 1: If you notify the Commissioner, you cannot deduct the contribution (see section 290‑168).
Note 2: If you do not notify the Commissioner, you may be liable for tax (see Subdivision 313‑E).
 (3) The notification must be made within the period mentioned in paragraph 313‑35(1)(c) or such longer period as the Commissioner allows under this subsection.
Note: If you request an extension of the period, you may object against a decision of the Commissioner under this subsection (see section 313‑85).
 (4) Subsection (2) does not limit the information that the *approved form may require the notification to contain.

Subdivision 313‑E—First home super saver tax

Guide to Subdivision 313‑E

313‑55  What this Subdivision is about

      If an amount is released from your superannuation interests under the first home super saver scheme, you are liable for tax if you do not, within a particular period, do either of the following:
             (a) enter into a contract to purchase or construct a residential premises, and notify the Commissioner of that contract;
             (b) make one or more non‑concessional contributions, and notify the Commissioner of the contributions.

Table of sections

Operative provisions
313‑60 First home super saver tax
313‑65 When tax is payable—original assessments
313‑70 When tax is payable—amended assessments
313‑75 General interest charge

Operative provisions

313‑60  First home super saver tax
  You are liable to pay *first home super saver tax if:
 (a) neither of section 313‑40 or 313‑50 applies to you; or
 (b) section 313‑40 applies to you and you do not notify the Commissioner in accordance with that section; or
 (c) section 313‑50 applies to you and you do not notify the Commissioner in accordance with that section.
Note