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FHSS Scheme contributions, tax and timeframes

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ATO Certified

Community Support

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Hi @Johanny

 

Thanks for your question.

 

The only contributions that count are voluntary contributions. They can be voluntary concessional contributions (salary sacrifice amounts or personal contributions that have been or will be claimed as a tax deduction) or voluntary non-concessional contributions (after tax contributions).

 

Compulsory contributions such as SG contributions can't be withdrawn via the FHSS scheme. If you haven't made any voluntary contributions since 1 July 2017, you won't be able to submit a FHSS determination request.

 

If you start making voluntary contributions now, you can withdraw those contributions via the FHSS scheme. Any SG contributions made between now and then can't be included in your FHSS determination request.

 

Check out our website for more information about how you can save in super and the contributions you can make.

 

Hope this helps.

 

Thanks,

 

ChrisR

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Newbie

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"Your options if you don’t sign a contract in the required time frame. This is 12 months from when your first FHSS amount was released to you or your extended time frame if you’ve been granted an extension. If you don’t sign a contract in this time you'll need to re-contribute the assessable FHSS amount back into your super fund or pay the FHSS tax."

 

  • signed a contract in the required time. 
  • Paid back Assessable FHSS Amount into my Super fund within 8 months FHSS release.
  •  
  • Therefore NO FHSS TAX?  No Need to report Assessable amount?
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ATO Certified

Community Support

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Hi @cms

 

Thanks for your post.

 

The 20% FHSS tax only applies in specific situations. It is an additional tax above and beyond the tax that is applied to the assessable FHSS released amount when you lodge your tax return.

 

Most people won't have to pay the extra 20% FHSS tax however everyone that receives an assessable FHSS released amount will need to declare it on their tax return.

 

Based on what you have advised in this thread and your other thread (FHSS and Tax), it doesn't sound like you will be liable for the 20% FHSS tax but you will still need to declare the assessable FHSS released amount in your 2019 tax return.

 

The tax that you will need to pay will be whatever your marginal tax rate is plus Medicare levy minus the 30% offset. It is likely that this tax has already been withheld. Refer to the payment summary that we issued to you.

 

For more information about how the first home super saver scheme works, refer to our website.

 

Hope this helps.

 

Thanks,

 

ChrisR