FHSS scheme

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FHSS scheme

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TaraATO · Answer

The non-concessional contributions are not taxed under the FHSS scheme. It is only the concessional contributions and associated earnings that are subject to tax.   Concessional contributions are taxed in your superfund and the fund will withhold the tax.   Assessable FHSS amounts are subject to 30% offset which means the FHSS amounts are concessionally taxed. In other words, it reduces the amount of tax that you pay compared to what it would be under normal circumstances.   At the end of the financial year, you will receive a FHSS payment summary from the ATO. You need to include the assessable FHSS released amount shown on your payment summary as assessable income. You need to do this in your tax return for the year you request the release- this could be a different financial year to when you receive your FHSS amount. You will also need to include the tax withheld amount, so you pay the correct amount of tax. Check out the definition of each contribution under the heading Eligible contributions.  (https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/withdrawing-and-using-your-super/early-access-to-super/first-home-super-saver-scheme)

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