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FHSS 28 notification period

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I requested the release of my FHSS, got a determination and signed a contract.

I missed the 28 day notification period by 28 days. 

Being that this is the first time I have purchased a property and that there were various issues with the contract, which was a very anxious time, I missed the deadline. 

I understand the consequences but wondered if there is a possibility I might be given an exemption.  This is all very stressful for a first time home buyer.

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Most helpful response

Community Moderator

Replies 0

Hi @Ellest

 

One of the requirements of the FHSS scheme is that you notify us within 28 days of signing your home purchase or construction contract. Not doing this means that you may be subject to the 20% FHSS tax.

 

For more information about the FHSS scheme requirements after your savings have been released, have a look at our website.

 

As you have missed the notification deadline, we suggest that you phone us on the super enquiries line as soon as you can. We will be able to process your notification over the phone, but you will need to provide us a reason as to why your notification is late.

4 REPLIES 4

Most helpful response

Community Moderator

Replies 0

Hi @Ellest

 

One of the requirements of the FHSS scheme is that you notify us within 28 days of signing your home purchase or construction contract. Not doing this means that you may be subject to the 20% FHSS tax.

 

For more information about the FHSS scheme requirements after your savings have been released, have a look at our website.

 

As you have missed the notification deadline, we suggest that you phone us on the super enquiries line as soon as you can. We will be able to process your notification over the phone, but you will need to provide us a reason as to why your notification is late.

Newbie

Replies 2

Hi, I was wondering if the ATO gave you an exemption? I’m going through the same thing and I’m super anxious.
Thank you

I'm new

Replies 1

Hi

   I mistook contract period as settlement date and realized later that I had to notify after contract. But I notified within next week of settlement. My contract was done in Jan 2021 and settlement happened in Jun 2021 when I notified. I am not sure whether I would be penalized!! Anyone with same issue and experience?

ATO Community Support

Replies 0

Hi @Bhavnesh,

 

We have provided information on our forum previously, you can view our response here.

 

I hope this helps.

 

All the best.