Commonwealth Consolidated Acts Commonwealth Consolidated Acts(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 (the current request ) under section 131 - 5 in Schedule 1 to the Taxation Administration Act 1953 for a release authority in relation to that determination; and
(ba) that current request is your first such request, or one of the following subparagraphs applies for each of your previous valid requests for such a release authority:
(i) you have withdrawn the request;
(ii) the Commissioner has revoked the release authority issued in relation to the request (whether or not the release authority had previously been varied);
(iii) after one or more amendments of the request, you have withdrawn the latest of those amended requests;
(iv) the Commissioner has revoked the release authority issued in relation to the latest of one or more amendments of the request (whether or not the release authority had previously been varied); 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 90 days before the day you make the first of the valid requests referred to in paragraph (ba); and
(ii) ending 12 months (or if extended under subsection (2), that longer period) after the day you make the current 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 current 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).