First Home Saver Accounts Bills introduced
Australian Regulatory Compliance Review:
The Treasurer has introduced the 3 Bills that contains the legislation for First Home Saver Accounts:
- The First Home Saver Accounts Bill 2008,
which establishes the accounts, provides for the payment of the
Government contribution and governs their operation and prudential
regulation. - The First Home Saver Accounts (Consequential
Amendments) Bill 2008 which contains consequential amendments to other
Commonwealth laws, chiefly the taxation and corporations law. -
The Income Tax (First Home Saver Accounts Misuse Tax) Bill 2008 which imposes
the misuse tax to clawback benefits obtained by an account holder who
improperly uses the accounts.
The main features of the accounts are as follows:
- An individual can open an account if they are aged 18 or
over and under 65; have not previously purchased or built a first home
in which to live; do not have, or have not previously had, a First Home
Saver Account; and provide their tax file number to…