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FHSS Tax Return

Newbie

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Replies 1

Hi 

 

I am completing my tax return for 20/21 and I have added my FHSS relase amount and withholding tax and the estimate shows I owe $6400. When I requested the relase I opted for 9% withholding tax...just trying understand how or when the 30% rebate is caluclated/applied?

 

Thank you

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 0

The offset is 30% of the gross amount withdrawn and will be automatically calculated if you have included the income under the FHSS heading.  To do this in MyTax:

1. Go to the "Personalise return" page.

2.Tick the box next to "You received salary, wages or other income on an income statement/payment summary, Australian Government payments, or First home super saver (FHSS) scheme payment".

3. Tick the box next to "First home super saver (FHSS) scheme".

4. Go to the "Prepare return" page and include the requested details the FHSS section.  If you previously included the income somewhere else, remove the incorrect details.

5. At the bottom of the "Prepare return" page click on the "Calculate " button.

6. In the "Estimated tax refund" or "Estimated tax payable" section, click on "Show calculation" and the amount of the FHSS offset will be shown.

 

1 REPLY 1

Most helpful response

Devotee

Replies 0

The offset is 30% of the gross amount withdrawn and will be automatically calculated if you have included the income under the FHSS heading.  To do this in MyTax:

1. Go to the "Personalise return" page.

2.Tick the box next to "You received salary, wages or other income on an income statement/payment summary, Australian Government payments, or First home super saver (FHSS) scheme payment".

3. Tick the box next to "First home super saver (FHSS) scheme".

4. Go to the "Prepare return" page and include the requested details the FHSS section.  If you previously included the income somewhere else, remove the incorrect details.

5. At the bottom of the "Prepare return" page click on the "Calculate " button.

6. In the "Estimated tax refund" or "Estimated tax payable" section, click on "Show calculation" and the amount of the FHSS offset will be shown.