Document ID: chunk:federal_register_of_legislation:C2010C00222:clause:1_66:p1
Version: federal_register_of_legislation:C2010C00222
Segment Type: clause
Provision Reference: sch 1 cl 66 (pt 1/3)
Character Range: 21409–24242

66  After Division 390 of Part 5‑25 of Schedule 1
Insert:

Division 391—First home saver account reporting

Table of Subdivisions

 Guide to Division 391
391‑A Account activity statements
391‑B Transfer statements

Guide to Division 391

391‑1  What this Division is about

      FHSA providers must give the Commissioner information periodically about FHSAs (such as information about contributions made to FHSAs).
      FHSA providers are also required to give information to other FHSA providers when making transfer payments from FHSAs to other FHSAs or to superannuation interests.

Subdivision 391‑A—Account activity statements

Table of sections

391‑5 FHSA account activity statements

391‑5  FHSA account activity statements

 (1) An *FHSA provider must give the Commissioner the following statements under this section:
 (a) a statement in relation to the amount of *personal FHSA contributions (if any) made to each *FHSA provided by the provider during the period mentioned in subsection (3) for that kind of statement;
 (b) a statement in relation to the balance of an FHSA provided by the provider during the period mentioned in subsection (3) for that kind of statement;
 (c) a statement in relation to each FHSA opened or issued (if any) by the provider during the period specified in subsection (3) for that kind of statement;
 (d) a statement in relation to each FHSA closed (if any) by the provider during the period specified in subsection (3) for that kind of statement;
 (e) a statement in relation to payments (other than a payment of a kind mentioned in subparagraph 31(1)(b)(iii) or paragraph (1)(f) or (g) of the First Home Saver Accounts Act 2008) (if any) made from each FHSA provided by the provider during the period specified in subsection (3) for that kind of statement.

Note: Section 286‑75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of any of these paragraphs. A breach of any of these paragraphs may also be an offence under section 8C of that Act.

 (2) However, the provider is not required to give a statement mentioned in paragraph (1)(a) if, during the period, the provider transferred the balance of the *FHSA to another FHSA.

 (3) The period for a particular kind of statement under subsection (1) is:
 (a) a financial year; or
 (b) if the Commissioner determines another period under subsection (4) for the kind of statement—that period.

 (4) The Commissioner may determine, by legislative instrument, a period mentioned in subsection (1) for a kind of statement.

 (5) A statement under subsection (1) must be in the *approved form.

 (6) A statement must be given to the Commissioner on or before a day specified in the determination under subsection (7) for the statement.

Note: Section 388‑55 allows the Commissioner to