FHSSS Determination

[#1]

If voluntary super contribution is done in the same financial year when FHSSS determination is requested, will this contribution be considered while calculating eligible amount? Is there any criteria/requirement by ATO for the same?

[#2 · Accepted solution]

Hi @rahulsp14 ,

The key here is that you request another FHSSS determination, if you wanted to release more super contributions. The important thing is that you can only count voluntary super contrubutions up to the point before applying for a 'Release of your savings' (as per the same name of section on our webpage on FHSSS). There is also the timing on signing a contract on a property which affects when you need to request the release of savings (see above webpage under 'Requesting a determination').

[#3]

Thanks @WainWright ,

Really appreciate your response.

I am yet to apply for FHSSS Determination and wanted to confirm this before I did. So basically what I understand is that if I have already made voluntary contributions before applying for FHSSS Determination in FY21 then that amount will also be considered by ATO while determining the eligible amount. Is that right?

[#4]

Hi @rahulsp14 ,

Yes - but there are conditions and rules for these contributions to be included in a FHSSS determination.

As mentioned in my earlier response, see FHSSS with the section headed, "How you can save in super" especially relevant to you. Note that there are ordering rules with the contribuitions in how the super contributions can be released ('How your contributions are ordered'). I believe that in yoiur situation you should be OK, just please note the maximum release amounts eg $15,000 from any one year (also in above webpage - section, 'Maximum release amounts'). 

[#5]

Thanks again @WainWright ,

Really appreciate your confirmation. Yes, I will definitely revisit FHSSS page to ensure I understand the ordering rules.