Author: AriATO(Community Support)Community Support 14 Feb 2025
Hi @London100
Using the FHSS scheme, you can save up to a maximum of $15,000 in any one financial year, up to a maximum of $50,000 across all years.
Considering the annual and overall caps, you can withdraw:
- 100% of your eligible personal voluntary contributions you have not claimed a tax deduction for (non concessional contributions)
- 85% of your eligible salary sacrifice contributions (concessional contributions)
- 85% of eligible personal voluntary super contributions you have claimed a tax deduction for (concessional contributions)
When you think of the annual cap of $15,000 and the overall cap of $50,000, it is the total concessional contribution amount that counts towards the cap, but only 85% of concessional contributions will count towards the FHSS maximum release amount calculation.
To determine how much of the annual cap ($15,000) and overall year cap ($50,000) you have used, you need to assess all voluntary contributions in full regardless of if they are concessional or non-concessional.
In your example below, if the full actual contributions that have been made are $800 personal voluntary contributions (non-concessional) and $41,820 salary sacrifice contribution (concessional), the remaining cap left will be $7,380 regardless of whether any future contribution/s are concessional or non-concessional.
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