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Re: FHSS: Wait time

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Newbie

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Replies 2

Hello, 

 

I apologise if this post has been asked and answered previously. However I couldn't seem to find an answer when I searched through the community. 

 

My scenario is as follows:

I do not have any short term plans to buy a house. 

In FY 20-21, in say July 2020, I make a concessional contribution of $15000 (Determination will be $12750 ignoring additional earnings)

 

However, if the situation changes, and I find an opportunity to buy a house in say, December 2020, can I request release of the entire amount of $12750? Or do I need to wait for the financial year to end to access that amount (i.e. in July 2021) ? (NOTE: This is under the FHSS Scheme)

 

Thank you for your time. 

1 ACCEPTED SOLUTION

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Best answer

Devotee

Replies 1

No you don't have to wait for the financial year to end to apply for a determination and release for FHSS. As long as its in your super account you can withdraw. This page has more I do, make sure you request the determination before you sign the contact if you do intend to access FHSS https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-sch...
2 REPLIES 2
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Best answer

Devotee

Replies 1

No you don't have to wait for the financial year to end to apply for a determination and release for FHSS. As long as its in your super account you can withdraw. This page has more I do, make sure you request the determination before you sign the contact if you do intend to access FHSS https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-sch...
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Newbie

Replies 0

Thank you sir!