Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1997 - SECT 313.50

  (1)   This section applies to you if:

  (a)   you do not notify the Commissioner in accordance with section   313 - 40 (about purchasing or constructing a * residential premises); and

  (b)   you make one or more * non - concessional contributions the sum of which is at least equal to:

  (i)   your * assessable FHSS released amount for an income year; less

  (ii)   the amount withheld by the Commissioner from your * FHSS released amounts under section   12 - 460 in Schedule   1 to the Taxation Administration Act 1953 ; and

  (c)   you make the contributions within the period mentioned in paragraph   313 - 35(1)(c).

Note:   Paragraph   313 - 35(1)(c) sets out the period in which you must have entered into a contract to purchase or construct a residential premises.

  (2)   You may notify the Commissioner in the * approved form that you have made the contributions mentioned in paragraph   (1)(b).

Note 1:   If you notify the Commissioner, you cannot deduct the contribution (see section   290 - 168).

Note 2:   If you do not notify the Commissioner, you may be liable for tax (see Subdivision   313 - E).

  (3)   The notification must be made within the period mentioned in paragraph   313 - 35(1)(c) or such longer period as the Commissioner allows under this subsection.

Note:   If you request an extension of the period, you may object against a decision of the Commissioner under this subsection   (see section   313 - 85).

  (4)   Subsection   (2) does not limit the information that the * approved form may require the notification to contain.