FHSS extension - is it automatic

Question

CaroATO · Accepted Answer

I'm sorry you had what sounds like a very frustrating experience. However, we've some good news for you. Letters are issued in relation to FHSS and it sounds like you've received the correct one for the 10-11mnth mark. We'll send you another one - Please be advised - at 12 months, to advise you that an extension of time has been granted for an additional 12 months. Thereafter, within 22 and 23 months of making a valid FHSS release request and when the 24 month period has ended. You would then be notified you can no longer use the FHSS scheme. Once you've used the FHSS scheme, you'll need to notify us within 28 days, or you'll receive an FHSS scheme (FHSSS) tax assessment. We do send out reminders if you've not yet signed a contract before 12 or 24 months. As this gives you the benefit of being able to sign a contract or choose to re-contribute to super if your circumstances change. You can read what happens after your savings have been released (https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-scheme/#Afteryoursavingshavebeenreleased2) on our website.

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