Announcements
Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
Still not sure? Ask the Community

ATO Community

FHSS

Newbie

Views 155

Replies 5

Hi there.

 

I have a general query in regards to the First Home Saver Scheme (FHSS).

If I were to make an after tax voluntary contribution of $15,000.00 to my superannuation fund and then claim a tax deduction for this amount by filing a Notice of Intent with my super, how much of this $15,000.00 can I withdraw under the First Home Saver Scheme?

 

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 4

You could withdraw $12,750 (85% of $15,000) plus notional earnings.

5 REPLIES 5

Most helpful response

Devotee

Replies 4

You could withdraw $12,750 (85% of $15,000) plus notional earnings.

Newbie

Replies 3

According to the ATO website I should be able to withdraw 100% of non-concessional (after-tax) contributions.

 

Can you please clarify?

 

https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-sch...

Devotee

Replies 2

If you elect to claim a tax deduction, the contributions become concessional.

Newbie

Replies 1

Hi Glenn,

 

Thanks for your response.

Can you please clarify what the ATO means when they say I can withdraw 100% of my non-concessional (after-tax) amounts?

 

https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-sch...

Devotee

Replies 0

If you make an after-tax contribution and choose not to claim a tax deduction, the contribution is non-concessional and you can withdraw 100% of the amount.

 

If you make an after-tax contribution and elect to claim a tax deduction, the contribution becomes concessional and you can withdraw 85% of the amount.