ATO Community

Re: FHSS setup

Ask a question

Newbie

Views 151

Replies 1

Hi all,

Just a few quick questions on FHSS.

1) I have checked with my super fund and they do support it but the ATO site does not really explain how you get started. Do I simply just put in concessional contributions and I can claim them at a later date? Is there some form I need to fill in so the ATO knows that these voluntary payments are going towards FHSS or is this done dunring the determination stage? Basically, if I voluntary pay (pre-tax) is this covered under the FHSS?
2) Rate of tax is at 15%. Does this mean to get the maximum of $15,000 put in per financial year I would have to actually volunarily pay $17250? ($15,000 + 15% tax = $17250?). If so it would mean my monthly payments to my super fund would be $1437.50 rather than $1250.

 

Thanks in advance.

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

ATO Certified

Enthusiast Super Specialist

Replies 0

Hi @taxxer,

The First Home Super Saver (FHSS) scheme allows you to save for your first home inside super and is intended to help first home buyers save for a deposit.

Personal contributions made after 1 July 2017 may be released to put towards your first home. Both concessional (before-tax) and non-concessional (after-tax) contributions will be eligible for release. Employer contributions are not eligible.

The maximum that can be contributed under the FHSSS is $15,000 per year.  The maximum that can be accessed is $30,000. 85% of concessional contributions and 100% of your non-concessional contributions can be released.

 

To withdraw your voluntary super contributions under the FHSS scheme, you need to request a FHSS determination from the ATO.

 

You can apply online using your myGov account linked to our online services.

 

When you apply for a FHSS determination the ATO will tell you your maximum FHSS release amount.

 

For more information about the FHSS, please see the ATO’s First Home Super Saver Scheme page, which will step you through ach stage of the process. You may also find QSuper's First Home Super Save Scheme page helpful.

Thanks,
Hailey

1 REPLY 1
Highlighted

Best answer

ATO Certified

Enthusiast Super Specialist

Replies 0

Hi @taxxer,

The First Home Super Saver (FHSS) scheme allows you to save for your first home inside super and is intended to help first home buyers save for a deposit.

Personal contributions made after 1 July 2017 may be released to put towards your first home. Both concessional (before-tax) and non-concessional (after-tax) contributions will be eligible for release. Employer contributions are not eligible.

The maximum that can be contributed under the FHSSS is $15,000 per year.  The maximum that can be accessed is $30,000. 85% of concessional contributions and 100% of your non-concessional contributions can be released.

 

To withdraw your voluntary super contributions under the FHSS scheme, you need to request a FHSS determination from the ATO.

 

You can apply online using your myGov account linked to our online services.

 

When you apply for a FHSS determination the ATO will tell you your maximum FHSS release amount.

 

For more information about the FHSS, please see the ATO’s First Home Super Saver Scheme page, which will step you through ach stage of the process. You may also find QSuper's First Home Super Save Scheme page helpful.

Thanks,
Hailey

Top Solution Authors