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FHSSS & HECS

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Hi,

 

I have a few questions regarding the first home super saver scheme and HECS.

 

Firstly, with non-concessional (after-tax) contributions that are made toward your super fund are these able to be claimed as an income tax deduction whilst remaining eligible for the FHSSS release criteria. Lets just assume in this instance all other eligibility criteria for the FHSS has been met.

 

I understand that once you have applied for the amount to be withdrawn it has to be declared as income in the year it is received. Understanding this, is this assessable income taken into account whilst calculating the HECS liability for that year?

 

Look forward to your response.

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ATO Certified

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Hi @Ben92,

 

Great question! You're correct - amounts you've withdrawn under FHSS need to be reported on your income tax return as assessable income, and we'll send you a payment summary that explains any concessional contributions you've made and any associate earnings to help you complete your return.

However, any contributions you withdraw under the FHSS scheme will not be part of your HELP repayment income in the year you request the withdrawal of your super contributions.

Hope that helps!

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Best answer

ATO Certified

Devotee

Replies 0

Hi @Ben92,

 

Great question! You're correct - amounts you've withdrawn under FHSS need to be reported on your income tax return as assessable income, and we'll send you a payment summary that explains any concessional contributions you've made and any associate earnings to help you complete your return.

However, any contributions you withdraw under the FHSS scheme will not be part of your HELP repayment income in the year you request the withdrawal of your super contributions.

Hope that helps!

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