Announcements
COVID-19 update: We will publish updates on the JobKeeper payment soon. For now, check out the updated information on Treasury's website.

ATO Community

Re: FHSS

Highlighted

Newbie

Views 1275

Replies 2

Hi guys
I’m intending on purchasing some land soon, but I am not intending to build on it for 2 years. Can I use the my FHSS when I intend to build?
Thanks
1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

ATO Certified

Enthusiast Super Specialist

Replies 1

Hi @Natalie16,

 

When making use of the FHSS scheme, if you purchase vacant land to build a home on, it is the contract to construct your home that must be entered into to meet the FHSS scheme requirements.

 

The contract to construct that home must be entered into within 12 months (or other period allowed) from the date you requested a release. In this situation you must not have purchased the vacant land before applying for a FHSS determination.

 

If you do not sign a contract to construct a home within 12 months of the date you request a release, an extension for a further 12 months will automatically be provided.

 

You can read more about the FHSS scheme process on the ATO website. You may also find our FAQs helpful, located at the bottom of our FHSS scheme page on the QSuper website.

 

Thanks,

Mark

2 REPLIES 2
Highlighted

Best answer

ATO Certified

Enthusiast Super Specialist

Replies 1

Hi @Natalie16,

 

When making use of the FHSS scheme, if you purchase vacant land to build a home on, it is the contract to construct your home that must be entered into to meet the FHSS scheme requirements.

 

The contract to construct that home must be entered into within 12 months (or other period allowed) from the date you requested a release. In this situation you must not have purchased the vacant land before applying for a FHSS determination.

 

If you do not sign a contract to construct a home within 12 months of the date you request a release, an extension for a further 12 months will automatically be provided.

 

You can read more about the FHSS scheme process on the ATO website. You may also find our FAQs helpful, located at the bottom of our FHSS scheme page on the QSuper website.

 

Thanks,

Mark

Community Manager

Replies 0

Great answer Mark @QSuper