corporations (first home saver accounts) amendment...

DRAFT ONLY 1102127A-110128A.doc, 28/01/2011, 2:37 pm

Corporations Amendment Regulations 2011 (No. )1

Select Legislative Instrument 2011 No.

I, QUENTIN BRYCE, Governor-General of the Commonwealth

of Australia, acting with the advice of the Federal Executive

Council, make the following Regulations under the Corporations

Act 2001.

Dated 2011

Governor-General

By Her Excellency’s Command

[DRAFT ONLY – NOT FOR SIGNATURE]

Assistant Treasurer

2 Corporations Amendment Regulations 2011 (No. ) 2011,


1 Name of Regulations

These Regulations are the Corporations Amendment Regulations 2011 (No. ).

2 Commencement

These Regulations commence on the commencement of the Tax Laws Amendment (First Home Saver Accounts) Act 2011.

3 Amendment of Corporations Regulations 2001

Schedule 1 amends the Corporations Regulations 2001.

4 Transitional

(1) Despite the amendments made by Schedule 1, an FHSA provider is taken to have complied with the Corporations Regulations 2001, as amended by Schedule 1, if:

(a) during the period of 3 months commencing on the commencement of this regulation, the FHSA provider:

(i) makes available, on a website that is maintained by or on behalf of the FHSA provider, any of the information mentioned in items [2] to [5] of the Schedule; and

(ii) has not already provided that information as required by the Corporations Regulations 2001 as amended by items [2] to [5]; and

(b) the FHSA provider notifies FHSA holders that:

(i) the information is available on the website; and

(ii) a hard copy of the information is available to a FHSA holder, on request.

(2) In this regulation:

Act means the First Home Saver Accounts Act 2008.

FHSA holder has the meaning given by section 9 of the Act.

FHSA provider has the meaning given by section 10 of the Act.

2011, Corporations Amendment Regulations 2011 (No. ) 3


Schedule 1 Amendments (regulation 3)

[1] Subregulation 7.9.10A (2), note

omit

FHSA provider

FHSA trust

insert

FHSA mortgage payment

FHSA payment conditions

FHSA provider

FHSA trust

genuine mortgage

[2] Schedule 10B, subitem 5 (1)

omit

You can only withdraw your savings for three purposes:

insert

You can only withdraw your savings for 4 purposes:

[3] Schedule 10B, subitem 5 (1)

omit

3. as money you can withdraw as a lump sum if you are aged 60 or over.

insert

3. as money you can withdraw as a lump sum if you are aged 60 or over

4. as money you can pay into a genuine mortgage.

4 Corporations Amendment Regulations 2011 (No. ) 2011,


[4] Schedule 10B, subitem 5 (1), 5th dot-point

substitute

You can keep your account open until:

(i) you buy your first home; or

(ii) you are eligible to pay the money into a genuine mortgage; or

(iii) you turn 65.

[5] Schedule 10B, paragraph 8 (f)

substitute

(f) meets the minimum release conditions in relation to a dwelling to which paragraph (e) applies; or

(g) ceases to be a resident of Australia.

[6] Schedule 10B, paragraph 9 (1) (a)

substitute

(a) what actions the holder of the product must take when the holder:

(i) decides to acquire a qualifying interest in a dwelling using the money in the product; or

(ii) meets the minimum release conditions in relation to a dwelling to which subparagraph (i) applies; and

Note

1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the Legislative Instruments Act 2003. See http://www.frli.gov.au.

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