Document ID: chunk:federal_register_of_legislation:C2025C00029:section:3:p14
Version: federal_register_of_legislation:C2025C00029
Segment Type: section
Provision Reference: s 3 (pt 14/79)
Character Range: 4866199–4869071

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 is equal to the sum of the following amounts stated in the *first home super saver determination:
 (a) your *concessional contributions;
 (b) your associated earnings.
 (2) However, if the sum of the *FHSS released amounts is less than the *FHSS maximum release amount stated in the determination, the amount included in your assessable income for the income year is:
 (a) the amount worked out under subsection (1); less
 (b) the difference between the FHSS maximum release amount and the sum of the FHSS released amounts.
 (3) If the amount worked out under subsection (2) is negative, the amount included in your assessable income for the income year is nil.
Note 1: The release authorities are issued under Division 131 in Schedule 1 to the Taxation Administration Act 1953.
Note 2: Any amounts paid in response to the release authorities are non‑assessable non‑exempt income (see section 303‑15).

313‑25  Amount of the tax offset
  You are entitled, for the income year mentioned in section 313‑20, to a *tax offset that is equal to 30% of your *assessable FHSS released amount for the income year.
Note: This offset cannot be refunded, transferred or carried forward (see item 20 of the table in subsection 63‑10(1)).

Subdivision 313‑C—Purchasing or constructing a residential premises

Guide to Subdivision 313‑C

313‑30  What this Subdivision is about
      If an amount is released from your superannuation interests under the first home super saver scheme, and you enter into a contract within a particular period to purchase or construct a residential premises, you must notify the Commissioner of that contract.

Table of sections

Operative provisions
313‑35 Purchasing or constructing a residential premises
313‑40 Notifying Commissioner

Operative provisions

313‑35  Purchasing or constructing a residential premises
 (1) Section 313‑40 applies to you if:
 (a) a *first home super saver determination is made in relation to you; and
 (b) you make a valid request (the current request) under section 131‑5 in Schedule 1 to the Taxation Administration Act 1953 for a release authority in relation to that determination; and
 (ba) that current request is your first such request, or one of the following subparagraphs applies for each of your previous valid requests for such a release authority:
 (i) you have withdrawn the request;
 (ii) the Commissioner has revoked the release authority issued in relation to the request (whether or not the release authority had previously been varied);
 (iii) after one or more amendments of the request, you have withdrawn the latest of those amended