Hi,
If my annual salary is $98,000/year. I deposited $20,000 as non-concessional contributions to Super in Jan 2026. My non concessional contributions is anticipated to have grown to $20,800 by Jan 2027 at which time I would like to withdraw $20,000 toward First Home Deposit.
Have a read through this link and it should answer your questions, but note that because you can only contribute $15,000 per financial year to the FHSS, you likely won't be able the withdraw the full $20k plus earnings. If you request a FHSS determination from the ATO they will tell you how much is able to be withdrawn.
It is taxed by adding it to your assessable income for the year and then tax is calculated at your marginal tax rate (which for you would be 30% and likely plus 2% Medicare levy). But then you receive a 30% tax rebate, so it is mostly cancelled out, except the Medicare levy.
Hi @Tracee,
We’ve responded to a similar FHSS post, and there are also related questions and answers under our First Home Super Saver (FHSS) scheme article that explain how FHSS amounts are calculated and taxed. I’d recommend having a read through everything.
I just wanted to add onto what’s already been added by @TaxTalk1234. Yes, you can only request a certain amount of eligible contributions from your super fund be released.
These limits are:
In your example, if you contributed more than $15,000 within one financial year, only $15,000 of those contributions can be counted. However, the $20,000+ you expect to have contributed by January 2027 may all be included, as long as the eligible contributions are made across different financial years.
The FHSS maximum release amount is the sum of your eligible contributions, taking into account the yearly and total limits, and associated earnings. This amount includes:
There is also a first-in, first-out rule that applies. This means contributions you make in earlier financial years are counted first, followed by those made in later years. Within each financial year, contributions are counted in the order you made them. See example 7 on the General Notice 2024/1 for further explanations.
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