First Home Super Saver Scheme


First Home Super Saver Scheme

Flor- Hanly - Monday, June 04, 2018

About the First Home Super Saver Scheme (FHSS)

The First Home Super Saver (FHSS) scheme was introduced by the Australian Government in the Federal Budget 2017–18 to reduce pressure on housing affordability.

savingsThe FHSS scheme allows you to save money for your first home inside your superannuation fund. This will help first home buyers save faster with the concessional tax treatment within super.

From 1 July 2017 you can make voluntary concessional (before-tax) and non-concessional (after-tax) contributions into your super fund to save for your first home.

From 1 July 2018 you can then 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.

This scheme is suitable for first home buyers if:
  • you either live or intend to live in the premises you are buying as soon as practicable
  • you intend to live in the property for at least six months of the first 12 months you own it, after it is practical to move in.
You can 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.

Who is eligible

You can start making super contributions from any age, but you can't request a release of amounts under the First Home Super Saver (FHSS) scheme until you are 18 years old, and you:
  • have never owned property in Australia – this includes an investment property, vacant land, commercial property, a lease of land in Australia, or a company title interest in land in Australia (unless the Commissioner of Taxation determines that you have suffered a financial hardship)
  • have not previously requested the Commissioner to issue a FHSS release authority in relation to the scheme.
Eligibility is assessed on an individual basis. This means that couples, siblings or friends can each access their own eligible FHSS contributions to purchase the same property. If any of you have previously owned a home, it will not stop anyone else who is eligible from applying.

Call Flor-Hanly in Mackay on 07 4963 4800 to discuss your eligibility or read more about how you can save in super, applying to release your savings and after your savings have been released by visiting the ATO’s website.

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