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FHSS eligibility

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Newbie

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Hello,

 

I'm checking my eligibility for FHSS, but I don't quite understand this statement:

  • You either live in the premises you are buying, or intend to as soon as practicable.

Does this mean that I should alread live in the same suburb of the property that i'm soon buying?

Please help to enlighten me on this part.

 

Also, just a background of my situation, in case anyone here can already say that i am not eligible.

We have already done a 5% deposit on a block of land (Dec 2016), but waiting settlement, around mid 2019. We are saving as much as we can for this. (side comment: it is so frustrating during tax time that we have to pay back to ATO because of the interest earned from our savings. This money was saved from our salary, which was taxed. Now interests have earned and it is taxed again... how can we minimize this? we don't have an offset account yet. Should I just move my money to a non-interest earning account? any other tips appreciated.)

 

Thank you in advance.

 

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ATO Certified

Anonymous

Replies 1

Hi @irene

 

Unfortuneately you are not eligible for the FHSS as you entered  into a contract to purchase a residential premises or land before 1 July 2018.  The settlement date makes no difference.   You can find this on the ATO website eligibility criteria .

 

ATO general line 13 10 20

 

 

 

 

2 REPLIES 2

Best answer

ATO Certified

Anonymous

Replies 1

Hi @irene

 

Unfortuneately you are not eligible for the FHSS as you entered  into a contract to purchase a residential premises or land before 1 July 2018.  The settlement date makes no difference.   You can find this on the ATO website eligibility criteria .

 

ATO general line 13 10 20

 

 

 

 

Newbie

Replies 0

Thank you for taking the time to answer.

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