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FHSS and Tax

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Requested FHSS withdrawal June 26, 2019 - 2019 Tax Year.  Received July 2019 - 2020 Tax Year.  Purchased first home and Notified ATO.  Also Salary Sacrificed the entire Assessable Amount back into Super Account.  

 

Recently discovered letter in My Gov Messages from ATO stating I must include Assessable Amount on 2019 Tax Return.   

 

Should I amend my 2019 tax to include Assessable amounts of FHSS even though I provided notifications AND repaid the amount?

 

Thanks for your guidance.

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Hi @cms

 

Thanks for your post.

 

After you have submitted a FHSS release request, a payment summary will be sent to you detailing the assessable FHSS release amount as well as any tax that was withheld.

 

Even though you received the FHSS released amount in July 2019, because the request was submitted in June 2019, the assessable FHSS release amount needs to be included in your 2019 tax return.

 

For more information about what you need to do after receiving your amount, check out the first home super saver scheme page on our website.

 

If you didn't include the assessable FHSS release amount in your original 2019 tax return lodgment, you will need to submit an amendment. The amendment requests page explains how you can do that.

 

It is great that you have notified us of your home purchase as that is part of your FHSS scheme notification requirements. Recontributing the assessable FHSS release amount back into your super fund is also within the rules, however it doesn't change your tax return requirements.

 

Regardless of what you choose to do with the released amount, you are still required to declare the assessable FHSS release amount in your 2019 tax return.

 

Hope this helps.

 

Thanks,

 

ChrisR

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Called ATO with same question.  Was Transferred 3 times - Super to FHSS to Tax - no one was Trained on FHSS.  The call lasted 2 hours.  

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Most helpful response

ATO Certified Response

Community Support

Replies 1

Hi @cms

 

Thanks for your post.

 

After you have submitted a FHSS release request, a payment summary will be sent to you detailing the assessable FHSS release amount as well as any tax that was withheld.

 

Even though you received the FHSS released amount in July 2019, because the request was submitted in June 2019, the assessable FHSS release amount needs to be included in your 2019 tax return.

 

For more information about what you need to do after receiving your amount, check out the first home super saver scheme page on our website.

 

If you didn't include the assessable FHSS release amount in your original 2019 tax return lodgment, you will need to submit an amendment. The amendment requests page explains how you can do that.

 

It is great that you have notified us of your home purchase as that is part of your FHSS scheme notification requirements. Recontributing the assessable FHSS release amount back into your super fund is also within the rules, however it doesn't change your tax return requirements.

 

Regardless of what you choose to do with the released amount, you are still required to declare the assessable FHSS release amount in your 2019 tax return.

 

Hope this helps.

 

Thanks,

 

ChrisR

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Newbie

Replies 0

Hi ChrisR

 

Thanks for clarifying regarding tax on assessable amount.

 

Your explanation indicates the 20% FHSS rate is a penalty applied if not used to buy first home or nor recontributed.

 

Have amended 2019 tax return to include assessable amount.

 

Thanks again.