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FHSSS Determination

Newbie

Views 669

Replies 1

Hi
I made several determinations to see my updated maximum release amount as I made more voluntary contributions. My first determination was on 04.02.20. However, I signed my land contract on 16.03.20. Then I kept on making determinations from time to time until the last one on 22.04.20. Then I made the release request on 25.04.20. Will there be any issues as the determination amount changed after signing the land purchase contract?
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @Justice8511,

 

Thank you for reaching out to us. The rules for accessing your super contributions under First Home Super Saver scheme (FHSSS) are available via the link.

 

'The website advises under request a determination - You can request a determination on more than one occasion.

Note: If you already have a FHSS determination and have signed a contract before making a valid release request, you have 14 days to request a release of your FHSS amounts. You are not eligible for a new determination.

 

If you have signed your contract more than 14 days before you request the release of your FHSS amounts then you will be subject to FHSS tax.

 

Under these rules you had 14 days to request a release of your FHSS after signing your contract on the 16/03/2020. This means the release request should have been completed by 30/03/2020. It advises you are not eligible for a new determination. You may be subject to FHSS tax.

 

If you have signed the contract generally we will look at the amount released under FHSS for tax purposes. You may wish to write in to our early engagement team to see if there is anything further you can do, as we can only advise current legislation.

 

Hope this helps.

 

Regards,

JodieR.  

 

 

 

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @Justice8511,

 

Thank you for reaching out to us. The rules for accessing your super contributions under First Home Super Saver scheme (FHSSS) are available via the link.

 

'The website advises under request a determination - You can request a determination on more than one occasion.

Note: If you already have a FHSS determination and have signed a contract before making a valid release request, you have 14 days to request a release of your FHSS amounts. You are not eligible for a new determination.

 

If you have signed your contract more than 14 days before you request the release of your FHSS amounts then you will be subject to FHSS tax.

 

Under these rules you had 14 days to request a release of your FHSS after signing your contract on the 16/03/2020. This means the release request should have been completed by 30/03/2020. It advises you are not eligible for a new determination. You may be subject to FHSS tax.

 

If you have signed the contract generally we will look at the amount released under FHSS for tax purposes. You may wish to write in to our early engagement team to see if there is anything further you can do, as we can only advise current legislation.

 

Hope this helps.

 

Regards,

JodieR.