(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).