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emilyjay(Initiate)Initiate
14 Feb 2021

Hi Team

Hope you are well.

I want to seek guidance in relation to FHSS scheme in the below scenario.

Facts of my case:

  • Me and my partner are permanent residents of Australia and we have paid a holding deposit of $2000 to purchase a home & land package in NSW on 17th January 2021.
  • We do not own any other property in Australia, and this is going to be our first property.
  • Both me and my partner deposited $30,000 each (combined $60,000) into our super fund towards FHSS scheme over the last 2 years.
  • The land is currently unregistered and is due for registration in October 2021 but we have to sign the land exchange contract on 20th March 2021.
  • I understand that based on the FHSS rules, I have to make a determination request before signing the land exchange contract i.e. before 20th March 2021 and request the release of my FHSS funds with 14 days of signing the land exchange contract i.e. between 20th March to 3rd April 2021.
  • I also understand that based on FHSS rules, I should enter into building construction contract within 12 months of release of the FHSS funds i.e. by April 2022.

Could you please confirm if my above understanding is correct?

1,512 views
8 replies
1,512 views
8 replies

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Most helpful reply

BlakeATO(Community Support)Community Support
15 Feb 2021

Hi @emilyjay

Congratulations on being so close to home ownership!

It seems like you're confirming when you need to complete your determination, release request, and notify us of signing the contract.

You need to request a determination before you sign the contract.

Your eligibility for FHSS will vary depending on terms of the contract. You'll need to provide a copy of your contract and the state the property is located in for a decision on eligibility of your situation. You'll need to write to us at:

Australian Taxation Office

PO Box 3100

PENRITH NSW 2740.

It can take 28 days to get an answer, so it would be best to complete this as soon as possible.

Assuming you are eligible for the scheme, let's get your questions answered.

You must have a FHSS determination before you sign a contract. You can then apply to release your amount. From the day of requesting the release, you have 12 months to sign a build contract and notify us.

If you don't apply to release your savings, you must request the release of your funds within 14 days of signing the land exchange contract (not building contract). This is because we count "owning property in Australia" as including vacant land.

Once you sign a contract to purchase or build your home, you must notify us within 28 days of signing the contract.

You can read more about the First Homer Super Saver Scheme on our website.

Hope this helps! :)

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Most helpful reply

BlakeATO(Community Support)Community Support
15 Feb 2021

Hi @emilyjay

Congratulations on being so close to home ownership!

It seems like you're confirming when you need to complete your determination, release request, and notify us of signing the contract.

You need to request a determination before you sign the contract.

Your eligibility for FHSS will vary depending on terms of the contract. You'll need to provide a copy of your contract and the state the property is located in for a decision on eligibility of your situation. You'll need to write to us at:

Australian Taxation Office

PO Box 3100

PENRITH NSW 2740.

It can take 28 days to get an answer, so it would be best to complete this as soon as possible.

Assuming you are eligible for the scheme, let's get your questions answered.

You must have a FHSS determination before you sign a contract. You can then apply to release your amount. From the day of requesting the release, you have 12 months to sign a build contract and notify us.

If you don't apply to release your savings, you must request the release of your funds within 14 days of signing the land exchange contract (not building contract). This is because we count "owning property in Australia" as including vacant land.

Once you sign a contract to purchase or build your home, you must notify us within 28 days of signing the contract.

You can read more about the First Homer Super Saver Scheme on our website.

Hope this helps! :)

AriATO(Community Support)Community Support
19 Feb 2021

Hi @emilyjay

Our current information does not state the contract needs to be signed.

We are only reviewing it to confirm your eligibility for FHSS based on the terms of the contract and the state the property is located.

Hope this helps.

Ari

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