Hi Marco85
It sounds like you completed the deduction section when you applied for your FHSS determination.
When you completed the contributions section, you were required to provide the voluntary contribution type, date and amount. From the information you've provided, it sounds like you selected the personal voluntary contribution (after tax) option.
If we already had this information available to us (via super fund reporting), we may have pre-filled it ready for you to review.
It's the next step where you would have told us about your $15,000 deduction. This can be a deduction you've already claimed (a link to your tax returns is provided so you can check) or intend to claim. The details required at this step are the tax year, e.g. 2020-21, and the amount.
Including a $15,000 deduction at this step means that your $15,000 contribution would have been treated as a concessional contribution. For FHSS scheme purposes, 85% of your concessional contributions are included in your maximum releasable amount. This is up to the annual $15,000 contribution limit and overall $30,000 limit.
From the information you've given, this explains why you had a maximum releasable amount of $12,965 or $12,750 ($15,000 x 85%) plus $215 associated earnings.
When you requested your release, we would have estimated your tax rate for the year less the 30% FHSS tax offset. We use this as your withholding tax rate. You can also nominate a different rate.
From the numbers you've provided, we applied a 17% withholding rate (45% plus Medicare levy less the 30% FHSS tax offset). This is the rate we withheld from your $12,965. This explains why you received $10,761.
At the end of the financial year, you will receive a FHSS payment summary showing your assessable FHSS released amount and the withholding tax. When you lodge your tax return, we'll know your actual marginal tax rate and we'll recalculate your tax liability on the released amount. This means you may get some or all of the $2,204 back.
Also, if you didn't complete a notice of intent and provide it to your super fund, the $2,250 should still be in your super account. You'll need to meet a new condition of release to access it.
Go to our website for more information about the first home super saver scheme and claiming deductions for personal super contributions.
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