Document ID: chunk:federal_register_of_legislation:C2017A00132:clause:1_12:p3
Version: federal_register_of_legislation:C2017A00132
Segment Type: clause
Provision Reference: sch 1 cl 12 (pt 3/5)
Character Range: 20867–23793

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 contract to purchase or construct the *residential premises.
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).
 (3) Subsection (1) does not limit the information that the *approved form may require the notification to contain.

Subdivision 313‑D—Contributing amounts to superannuation

Guide to Subdivision 313‑D

313‑45  What this Subdivision is about
      If an amount is released from your superannuation interests under the first home super saver scheme, and you do not enter into a contract within a particular period to purchase or construct a residential premises, you may make one or more non‑concessional contributions. If 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)(a).
Note: Paragraph 313‑35(1)(a) 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)(a) 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