First Home Saver Account (FHSA) deposit accounts are an account issued by an authorised deposit-taking institution (ADI), such as a bank, building society or credit union as well as lerfe companies and RSE Licensees. The features of FHSA deposit accounts are similar to basic deposit products but have restrictions on withdrawal and particular consequences when the accounts are closed because of the tax treatment.More .

The exposure draft Superannuation Legislation Amendment (Further Measures) Bill 2012 contains amendments to the First Home Saver Accounts Act 2008.

If passed, the Bill will replace the existing capital requirements for applicants seeking authorisation as an FHSA provider with a requirement that an applicant satisfy the financial requirements set out in prudential standards under the FHSA Act. The existing capital requirements employ capital requirements for the trustees of public offer superannuation funds which have been repealed by the Trustee Obligations and Prudential Standards Act.

The FHSA Act will also be amended to apply the provisions of the SIS Act to persons involved in the management of an FHSA provider in the same way that the SIS Act provisions apply to a responsible officer of an RSE licensee that is a trustee of a public offer superannuation fund.