We signed a house and land contract November 2024 & my FHSS funds were released to me in January 2025, however I haven’t notified ATO as our land is still not registered so we don’t have a settlement date just yet.
Land is expected to register May 2025.
Do I just wait for settlement date to notify ATO or is there a way I can notify ATO without needing a date?
Hi @I_esp
We're going to check in with our FHSS team, stay tuned!
Hi @I_esp
We've heard back from our FHSS team.
You'll have to notify us within 90 days of the contract date when you've signed a contract to construct a new home (unless we allow further time). The contract date will be the date where both parties have signed or the date when both parties have signed (if the parties have signed on different dates).
Where you've got separate contracts from purchasing land and constructing a home on that land, you must notify us on of the home Contruction contract, not the land contract.
If we aren't notified within the specified timeframes, you may be subject to FHSS tax.
I’m trying to notify ATO but it’s asking me to put a settlement date. My issue is that we don’t have an expected settlement date as the land isn’t registered yet so I can’t complete the form.
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