About the FHSS scheme
The first home super saver (FHSS) scheme allows you to save money for your first home inside your super fund. This will help first home buyers save faster with the concessional tax treatment of superannuation.
From 1 July 2017, you can make voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund to save for your first home. Then, from 1 July 2018, you can apply to release your voluntary contributions, along with associated earnings, to help you purchase your first home. You must meet the eligibility requirements to apply for the release of these amounts.
You can use this scheme if you are a first home buyer and both of the following apply:
- You will occupy the premises you buy, or intend to as soon as practicable.
- You intend to occupy the property for at least six months within the first 12 months you own it, after it is practical to move in.
You can currently apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. You will also receive an amount of earnings that relate to those contributions.
From 1 July 2022, the amount of eligible contributions that can count towards your maximum releasable amount across all years will increase from $30,000 to $50,000. The amount of eligible contributions that can count towards your FHSS maximum releasable amount for each financial year will remain at $15,000.
There are a number of important things you need to know if you plan to use the FHSS scheme — for more information on FHSS contributions, determinations, release requests or anything else:
- Contact our Wealth Planning team on 1300 466 998
- Contact our specialist SMSF team at Intuitive Super on 1300 856 064
- Read more on the ATO’s website »
Source: ATO
