Hi Team
Legislation has passed and Royal Assent received with the following changes to the FHSSS:
- extending the timeframe from 14 days to 90 days to request a FHSSS release authority after entering a contract to purchase or construct a home
- permitting applicants to:
- amend and revoke applications prior to receiving any released amounts
- have funds directed back into their super account in certain circumstances (eg after revoking application where funds were paid to the ATO but not yet to the individual), and
- re-apply in the future if they have withdrawn their application.
In relation to these changes:
- what is the effective date of the changes as the only guidance is no later than 20 September 2024?
- will the ATO identify individuals that previous applied but were unsuccessful given these measures are being backdated (eg applied outside of the 14 days but would have met 90 day requirement)?
- if an individual taxpayer did not apply as didn't meet a requirement which has now been amended, when can that person reapply under the new requirements (eg did not apply due to 14 day rule but would have been successful if 90 days applied?
1,093 views
1,093 views3 replies
3 replies
1,093 views
3 replies