ATO Community

Re: Can the purchaser of the off the plan property continue to contribute to FHSS Scheme to settl...

Newbie

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The purchaser has just started savings to FHSS Saver Scheme.

The contract to purchase the vacant land to build a home within 2 years is to be signed say 31 March 2021.

So he has to apply for and receive a FHSS  determination to ATO before signing the contract before 31 March 2021.  Is this enough time to apply for determination?

In case he receives the determination before signing the contract on 31 March 2021, can he continue to contribute concessional contributions up to the time of settlement which could be 2 years from the signing of the contract for the vacant land?

The contract to build the house would be signed 3 months probably in June 2021.

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Most helpful response

Community Moderator

Replies 1

Hi @Carmelita

 

You can check out our response to your other question here: Apply FHSS determination

 

They have enough time to request their first home super saver (FHSS) determination if they do it online. It doesn't take too long, and they'll receive their determination straight away. They need to do it before they sign the land purchase contract.

 

They can't use the FHSS scheme to access voluntary contributions they make after signing the land purchase contract. This is because they can't request a new determination. The settlement or build contract dates generally don't matter.

 

Off the plan purchases can be viewed differently so you can email SuperAdvice@ato.gov.au for further advice.

 

Refer to our website for further information about the first home super saver scheme.

3 REPLIES 3

Community Manager

Replies 2

Hi @Carmelita,

 

We are looking into this and will get back to you soon.

Most helpful response

Community Moderator

Replies 1

Hi @Carmelita

 

You can check out our response to your other question here: Apply FHSS determination

 

They have enough time to request their first home super saver (FHSS) determination if they do it online. It doesn't take too long, and they'll receive their determination straight away. They need to do it before they sign the land purchase contract.

 

They can't use the FHSS scheme to access voluntary contributions they make after signing the land purchase contract. This is because they can't request a new determination. The settlement or build contract dates generally don't matter.

 

Off the plan purchases can be viewed differently so you can email SuperAdvice@ato.gov.au for further advice.

 

Refer to our website for further information about the first home super saver scheme.

Newbie

Replies 0

Thank you very much Chris for your reply to my query. You have clearly explained to me and confirmed my understanding of the FHSS Scheme.