Commonwealth Consolidated Acts

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Purchasing or constructing a residential premises

             (1)  Section 313-40 applies to you if:

                     (a)  a * first home super saver determination is made in relation to you; and

                     (b)  you make a valid request under section 131-5 in Schedule 1 to the Taxation Administration Act 1953 in relation to that determination that is your first such request; and

                     (c)  you enter into a contract to purchase or construct a * CGT asset that is a * residential premises in Australia within the period:

                              (i)  beginning 14 days before the day you make the valid request; and

                             (ii)  ending 12 months (or if extended under subsection (2), that longer period) after the day you make the valid request; and

                     (d)  the price for the purchase or construction of the premises is at least equal to the total amount to be released that is stated in the valid request; and

                     (e)  you have occupied the premises, or intend to occupy the premises as soon as practicable; and

                      (f)  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).

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