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FHSSS for 2022 FY?

Newbie

Views 108

Replies 1

Hi,

 

I have $15,000 in savings and I want to buy a house this year in 2022 FY.
Am I able to put that savings to my Super now and take it out under FHSS in few weeks in the same financial year 2022? This is after-tax savings. I don’t have any salary sacrifice arrangement.



If I do that, Can I claim that $15,000 as a deduction on my 2022 FY ITR? Just to keep in my mind, I would have already taken out that $15K for my FHSS in the same year.  This means I will be declaring it on my assessable income which gets me 30% tax offset. The reason I’m claiming that as a deduction is to only get 15% taxed in my Super.

Am I better off doing this if this can be done for 2022FY?

 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Former Community Support

Replies 0

Hi @Sebastian2 

 

You can request to release your FHSS amount in the same year that you make your contribution.

 

If you’re looking to claim a deduction for your personal contribution, it’s worth keeping in mind that you’ll need to provide your notice of intent to your super fund before you request to withdraw your FHSS amounts. Otherwise:

  • your notice won’t be valid, and
  • you won’t be able to claim a deduction.

 

Check out How to make a claim for more information on providing a valid notice of intent.

 

Whether making personal contributions and claiming them as a deduction is best for you and your financial situation is not something we can advise - you may want to seek independent financial advice.

 

Let us know if you have any further questions.

 

Thanks

1 REPLY 1

Most helpful response

Former Community Support

Replies 0

Hi @Sebastian2 

 

You can request to release your FHSS amount in the same year that you make your contribution.

 

If you’re looking to claim a deduction for your personal contribution, it’s worth keeping in mind that you’ll need to provide your notice of intent to your super fund before you request to withdraw your FHSS amounts. Otherwise:

  • your notice won’t be valid, and
  • you won’t be able to claim a deduction.

 

Check out How to make a claim for more information on providing a valid notice of intent.

 

Whether making personal contributions and claiming them as a deduction is best for you and your financial situation is not something we can advise - you may want to seek independent financial advice.

 

Let us know if you have any further questions.

 

Thanks