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FHSS latest withdawal times

Initiate

Views 893

Replies 18

Hello,

Just enquiring what the current approximate FHSS release time is? I know it's published as 15 to 25 business days but it's already been 17 business days and its still showing online as pending and the funds still haven't been taken from the applicable superannuation account, so I'm doubtful it's going to be completed with 25 business days.

Just curious if the additional withdrawal requests coming through for Covid 19 hardship reasons, has had an effect on these standard processing times for FHSS releases also?

Thank you.
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Community Support

Replies 6

Hi @Cc-82,

 

Thank you for reaching out to us. If you have applied for release of your savings the website advises - We will issue a release authority to your super fund(s) requesting they send your FHSS release amounts to us. Before we send the balance of the released amount to you we will:

  • withhold the appropriate amount of tax
  • offset the remaining amount against any outstanding Commonwealth debts.

In most cases, it will take between 15 and 25 business days for your fund to release your money and for us to pay it to you.

A payment summary will be sent to you at the end of the financial year. It will show your assessable FHSS released amount, which is comprised of:

  • concessional contributions
  • associated earnings on both concessional and non-concessional contributions.

You need to include this amount in your tax return for the financial year you request the release. The tax payable on this assessable amount will receive a 30% tax offset.

 

If you have not received your savings you can contact your fund directly. They can advise the progress of your FHSS release request. 

 

Hope this helps.

 

Regards,

Jodie2. 

18 REPLIES 18

Devotee

Replies 2

Have you received it yet?

Initiate

Replies 1

Not as yet, no change to the 'pending' and still no withdrawal from my actual superannuation account.
Cheers.

Initiate

Replies 0

For my case once I notify them that I purchase my Status option not showing anymore but I checked super the money been deducted from there. But No status ( not even pending ) at all .

Most helpful response

Community Support

Replies 6

Hi @Cc-82,

 

Thank you for reaching out to us. If you have applied for release of your savings the website advises - We will issue a release authority to your super fund(s) requesting they send your FHSS release amounts to us. Before we send the balance of the released amount to you we will:

  • withhold the appropriate amount of tax
  • offset the remaining amount against any outstanding Commonwealth debts.

In most cases, it will take between 15 and 25 business days for your fund to release your money and for us to pay it to you.

A payment summary will be sent to you at the end of the financial year. It will show your assessable FHSS released amount, which is comprised of:

  • concessional contributions
  • associated earnings on both concessional and non-concessional contributions.

You need to include this amount in your tax return for the financial year you request the release. The tax payable on this assessable amount will receive a 30% tax offset.

 

If you have not received your savings you can contact your fund directly. They can advise the progress of your FHSS release request. 

 

Hope this helps.

 

Regards,

Jodie2. 

Initiate

Replies 5

Just for the readers of this post.

Now up to 40 business days. Far from the 15-25 business days in 'most' cases. Still no receipt of the requested amount in my account.

Keep this is mind when working out your settlement periods, because this has been a very ordinary process. Take this as your fore warning.

I'll post when I actually receive it and how many business days elapsed from the release request and the actual receipt of money.

Cheers.

Community Manager

Replies 0

Hi @Cc-82

 

Thanks for the update.

 

It sounds like it has been a frustrating experience for you. Hopefully it won't be too much longer.

 

If you want us to take a closer look at what is happening for you, we suggest that you phone us.

 

All the best.

Initiate

Replies 3

Final update.

Payment made after 43 business days, a far difference to the 15-25 days. Requested 1st of July, received 31st of August.

Thanks.

Initiate

Replies 0

Big relief for u ! I don’t know how it works. I requested 27/7 and received on 18/8 in account.

Newbie

Replies 1

Hi how long did it take for your bank to receive the funds after the ATO had credited to your account mine was credited on the 29/09/20 and still not in bank account