First Home Super Saver Scheme


What is the First Home Super Saver Scheme?

The First Home Super Saver (FHSS) Scheme is a scheme introduced by the Australian Government to help reduce pressure on housing affordability. The scheme helps first time buyers save money for your first home inside your super fund. This allows you to make extra contributions into your super. These extra contributions will later be used to purchase your first home, meaning you may save on tax. When you are ready to buy your first home, you can apply to the ATO to withdraw your extra contributions.

How much can I save?

You are able to make contributions at any age. However under the FHSS scheme, you must be 18 years old or older to request determination or a release of amounts.

These following factors also have to apply for you:

Whether you’re eligible or not is assessed individually, which means that partners, siblings or friends can each access their own eligible FHSS contributions to purchase the same property.

Financial hardship provision

Even if you have previously owned property in Australia, you may be still eligible for the FHSS Scheme. The Government may determine that you have suffered financial hardship that as a result caused a loss of ownership of all property interests.

Events that could cause loss of property interests include:

To be considered for the financial hardship provision, you can either apply using your MyGov account or by completing the First home super saver scheme - hardship application form.

What if I don’t end up buying a home?

Sometimes, plans change. If you no longer want to buy a home, you can deposit the assessable released amount back into your super. You can alternatively keep the money and pay the First Home Super Saver Tax, which is calculated at 20% of the assessable released amount.

For more information, contact us today.

IMPORTANT NOTE: This information is general advice only and does not take into account your personal circumstances, goals and objectives. Therefore, you should consider its appropriateness for your circumstances before acting on this information.

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