Corporations Amendment Regulations 2011 (No. 1)¹

I, PROFESSOR MARIE BASHIR, AC, CVO, Administrator of the Government of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Corporations Act 2001.

Dated 12 May 2011

MARIE BASHIR

Administrator

By Her Excellency’s Command

BILL SHORTEN

1              Name of Regulations

                These Regulations are the Corporations Amendment Regulations 2011 (No. 1).

2              Commencement

                These Regulations commence on the commencement of Schedule 3 to the Tax Laws Amendment (2011 Measures No. 1) 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, all 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.

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]           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

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.