Document ID: chunk:federal_register_of_legislation:C2010C00222:clause:1_11:p1
Version: federal_register_of_legislation:C2010C00222
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 1/2)
Character Range: 12700–15378

11                                                       Section 118‑305         Superannuation

345‑15  FHSA provider that is an ADI (other than RSA provider)—taxable income and standard component of taxable income

 (1) The taxable income of an *FHSA provider that is an *ADI (other than an *RSA provider) is split into an *FHSA component and a *standard component.

Note: The taxable income of an FHSA provider that is an ADI and an RSA provider is split into an RSA component, an FHSA component and a standard component (see section 295‑555).

 (2) If the *FHSA component exceeds the *FHSA provider's taxable income:
 (a) the provider's taxable income is equal to the FHSA component; and
 (b) this Act applies to the provider as if it had a *tax loss for the income year of an amount that would have been that loss if the FHSA component were not *ordinary income or *statutory income.

 (3) The standard component is the remaining part (if any) of the *FHSA provider's taxable income for the income year after subtracting the *FHSA component.

345‑20  FHSA provider that is an ADI—FHSA component of taxable income
The FHSA component for an income year of an *FHSA provider that is an *ADI is the total earnings or other return for the year credited to *FHSAs provided by the FHSA provider, reduced by the total amount of fees (however described) paid from those FHSAs to the FHSA provider for providing them.

Subdivision 345‑B—Treatment of FHSA holders

Table of sections

345‑50 Credits to and payments from FHSAs etc.

345‑50  Credits to and payments from FHSAs etc.

 (1) An amount of earnings or other return credited to an *FHSA you hold is not your assessable income and is not your *exempt income.

 (2) A payment made from an *FHSA you hold is not your assessable income and is not your *exempt income.

 (3) A *Government FHSA contribution payable for you in accordance with the First Home Saver Accounts Act 2008, and paid in accordance with Part 4 of that Act, is not your assessable income and is not your *exempt income.

 (4) A *capital gain or *capital loss that you make from a *CGT event happening in relation to a right to, or any part of, an *FHSA that you hold is disregarded.

Subdivision 345‑C—FHSA misuse tax

Table of sections

345‑100 Liability for FHSA misuse tax
345‑110 Due date for payment of FHSA misuse tax
345‑115 General interest charge

345‑100  Liability for FHSA misuse tax

  A person is liable to pay tax imposed by the Income Tax (First Home Saver Accounts Misuse Tax) Act 2008 in respect of a *FHSA home acquisition payment from an *FHSA held by the person if:
 (a) the payment fails to satisfy the *FHSA payment conditions; or