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Wongglor(Newbie)Newbie
27 June 2022

Hello,

I had my FHSS determined and got my fund released in January 2022, entered a contract in March 2022. Silly me I made a genuine honest mistake while going through a stressful settlement period, and not aware that I have to notify ATO within 28 days I entered the contract (for some reason I kept thinking it's 12 months).

I have now notified ATO through the MyGov app but very worried I will be slapped with a penalty. Who can I speak to about this? Please help I want to cry!

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Liked by ElJones
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Most helpful reply

ElJones(Champion)Champion
27 June 2022

Hi Wongglor,


Welcome to ATO Community.


You should be fine.


If you've released the FHSS money and entered into a contract within 12 months and now notified the ATO, you shouldn't have to do anything further. If you missed the 28 day timeframe to notify, the ATO has the power to extend that time. In practice, that should happen automatically, without having to ask for it, and there shouldn't be any penalties or FHSS tax.


I hope that makes you feel a bit better and you can go back to enjoying your new purchase. And by the way, congratulations on that purchase.



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Most helpful reply

ElJones(Champion)Champion
27 June 2022

Hi Wongglor,


Welcome to ATO Community.


You should be fine.


If you've released the FHSS money and entered into a contract within 12 months and now notified the ATO, you shouldn't have to do anything further. If you missed the 28 day timeframe to notify, the ATO has the power to extend that time. In practice, that should happen automatically, without having to ask for it, and there shouldn't be any penalties or FHSS tax.


I hope that makes you feel a bit better and you can go back to enjoying your new purchase. And by the way, congratulations on that purchase.



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Liked by jrego5 and Wongglor
jrego5(Initiate)Initiate
6 Sept 2024

Hi  ElJones ,

If you miss the 28- day notification timeline , then would we need to pay the FHSS Tax ?

I coudnt find anything on the ATO website to support this. I verbally contacted them to let them know that we had purchased a property within the 28 day time frame , however I didnt do it on the system .


I thought the rule was within 2 years if you purchase a property then you should notify them ,else recontribute and pay the tax . Its so unfair if we purchase a property within the two years timeframe ,we still have to pay the tax .


TamaraATO(Community Support)Community Support
9 Sept 2024

Hello @jrego5,


Yes, you do! 😀

You have 2 years to enter a contract to buy a house or house and land package. 🏡


Once you do that, we like you to notify us within 28 days of buying. So, then we can finalise that you've done what was intended for the release.


Everything else has been answered to you in our replies to your other questions.

RWilde(I'm new)I'm new
25 Oct 2023

@Wongglor what ended up happening with this? I am in the same boat: purchased my first home back in January if this year. I’ve been preparing my tax this morning and have seen that I’ve missed the notification period! I have notified them now. I would love to know what happened with your situation in the end!

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