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_QuestionMaster(Initiate)Initiate
12 May 2021

Hello hello,

I understand you may not have all the answers yet but hoping this is a simple one.

1. Are you able to start accumulating the $50K now (above $30 already contributed)?

2. Double checking you are only able to withdraw the $50K after mid next year?

Noting ATO page on these changes states: The amendments are expected to into effect from 1 July 2022, with retrospective application from 1 July 2018. - slighly optimistic this retrospective application applies to the $50K.

Referece > First-Home-Super-Saver-Scheme---increasing-the-maximum-releasable-amount-to-$50,000-and-technical-amendments/

Thanks!

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NateATO(Community Director)Community Director
13 May 2021

Hi @QuestionMaster,

Good questions!

We unfortunately can't confirm anything just yet as the the legislation hasn't passed parliament and could be subject to change. When it has gone through we will come back and update this thread to give you some confirmed answers.

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NateATO(Community Director)Community Director
13 May 2021

Hi @QuestionMaster,

Good questions!

We unfortunately can't confirm anything just yet as the the legislation hasn't passed parliament and could be subject to change. When it has gone through we will come back and update this thread to give you some confirmed answers.

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New $50K limit effective 1 July 2022 - Can you start contributing over existing $30K now? | ATO Community