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HI,

 

I'm trying to understand the FHSS and how it might benefit me. Would it be possible to get some clarification on this point:

 

Requesting a determination

To withdraw your voluntary super contributions under the FHSS scheme, you need to request a FHSS determination from the Commissioner of Taxation. You can do this from 1 July 2018.

When you apply for a FHSS determination we will tell you your maximum FHSS release amount.

You can request a determination on more than one occasion.

You can then decide to apply for a release of your amounts if you are ready to purchase your home. Be aware that you:

  • can apply for a release only once
  • must confirm as part of your release application that you will not claim further tax deductions on the non-concessional contributions included in the determination.

 

If I make a $15,000 concessional contribution to my superfund in July 2018 by making a personal contribution and then notifying my super fund that it is a concessional contribution and completing a notice of intention to claim form, and then apply to have my FHSS funds released in September 2018,  am I still able to claim that contribution in my 2018/19 FY Tax return? 

 

Could you please explain what the sentance bolded above is intended to mean?

 

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Hi @Kanderson,

 

Welcome to our Community!

 

There are two types of voluntary contribution you can make towards the FHSS scheme. Concessional contributions are your before-tax (salary sacrifice) income and non-concessional contributions are from your after-tax (take-home) income.

 

You can claim a deduction on personal contributions if you choose, and it can still count towards FHSSS (becoming a concessional amount). You need to ensure you send a Notice of intent to claim form to your fund before you apply for your FHSS release.

 

The bold sentence is confirming you won’t send your fund any ADDITIONAL intent to claim forms relating to any non-concessional (personal after-tax) contributions that form part of your FHSSS amounts during the remainder of that financial year.

 

Hope this helps, JodieH.

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Best answer

ATO Certified

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Hi @Kanderson,

 

Welcome to our Community!

 

There are two types of voluntary contribution you can make towards the FHSS scheme. Concessional contributions are your before-tax (salary sacrifice) income and non-concessional contributions are from your after-tax (take-home) income.

 

You can claim a deduction on personal contributions if you choose, and it can still count towards FHSSS (becoming a concessional amount). You need to ensure you send a Notice of intent to claim form to your fund before you apply for your FHSS release.

 

The bold sentence is confirming you won’t send your fund any ADDITIONAL intent to claim forms relating to any non-concessional (personal after-tax) contributions that form part of your FHSSS amounts during the remainder of that financial year.

 

Hope this helps, JodieH.

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