Document ID: chunk:federal_register_of_legislation:C2017A00132:clause:1_12:p2
Version: federal_register_of_legislation:C2017A00132
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 2/5)
Character Range: 18333–21101

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) within 12 months after the release of the first *FHSS released amount or, if the period is extended under subsection (2), that longer period, you enter into a contract to purchase or construct a *CGT asset that is a *residential premises; and
 (b) the price for the purchase or construction of the premises is at least equal to the sum of the FHSS released amounts; and
 (c) you have occupied the premises, or intend to occupy the premises as soon as practicable; and
 (d) you intend to occupy the premises for at least 6 months of the first 12 months after it is practicable to occupy the premises.
 (2) The Commissioner may extend the period for entering into a contract by up to 12 months.
Note: If you request an extension of the period, you may object against a decision of the Commissioner under this section (see section 313‑85).

313‑40  Notifying Commissioner
 (1) You must notify the Commissioner in the *approved form of the matters set out in paragraphs 313‑35(1)(a) to (d).
 (2) The notification must be made within 28 days, or such longer period as the Commissioner allows, after you enter into the