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FHSS Eligibility In regards to a Marina Berth

Newbie

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Replies 1

Hi,

I am enquiring if all other criteria for the FHSS is met. Would owning a share in a Marina Berth disqualify eligibility?

 

 


Kind regards

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ATO Community Support

Replies 0

Hi @Questions2

 

To be eligible for the first home super saver scheme, you need to have never had a freehold interest in real property (including land), and although a marina berth is in the ocean, we don't have a clear answer on this.

 

Under Section 66(5) of Superannuation Industry (Supervision) Act 1993, a self managed super fund can hold a marina berth as part of their business real property under certain circumstances. It depends on the specifics of the contract.

 

Because of this, we recommend you write in for a private ruling to get a clear answer based on all the facts.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Questions2

 

To be eligible for the first home super saver scheme, you need to have never had a freehold interest in real property (including land), and although a marina berth is in the ocean, we don't have a clear answer on this.

 

Under Section 66(5) of Superannuation Industry (Supervision) Act 1993, a self managed super fund can hold a marina berth as part of their business real property under certain circumstances. It depends on the specifics of the contract.

 

Because of this, we recommend you write in for a private ruling to get a clear answer based on all the facts.