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Re: FHSSS

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Newbie

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Hi,

 

I had 3 questions regarding the FHSSS. Any assistance from the ATO would be helpful.

 

1. What are the approximate times between the various steps required from receiving a response for an FHSSS determination to receiving the amount in one's account?

 

I understand that after receiving the FHSSS determination the following needs to happen:

a. Apply for release with the ATO

b. The ATO requests fund to release the amount requested.

c. The fund releases the amount back to the ATO.

d. The ATO withholds tax and forwards remaining amount to the requester.

 

 

 

2. Also, I have read that one should not sign a contract until the ATO has released the FHSSS money. Is this when the ATO requests the fund to release the money(step b above) or when the requester has the money in their account(Step d above)?

 

3. I intend to claim tax deductions for my contributions. But I would normally do this after the financial year has finished. How will this work if I request for release of the FHSSS amount before the financial year has finsihed?

 

Thanks in advance.

1 ACCEPTED SOLUTION

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Best answer

ATO Certified

Community Support

Replies 0

Hi @DD1,

 

Thanks for your patience whilst we received information from a technical area regarding your query!

 

When you request a release of your FHSS amounts, we estimate it will take up to 25 days for you to receive your funds (although the current average time is less than this – around 15 days). Once the ATO issues the Release Authority, the super fund has 10 days to process it and reply to the ATO. Time frames can vary due to a number of factors.

 

You need to wait until we have released the FHSS amounts to you before you sign a contact. This is when we forward the remaining FHSS amount (after tax and any Commonwealth debts have been offset) to your bank account (i.e. step d above). There may be a few days difference between when we release the amounts to you and when they are available in your bank account.

 

You don’t need to wait until you’ve lodged your tax return and claimed your deduction before you withdraw your FHSS amounts. However you must provide your notice of intent to your 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.

Assuming your fund provides you with an acknowledgement to the amount you want to claim, you would claim the deduction when you lodge your tax return.

 

If you have further questions, you can phone us on 13 10 20 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.

4 REPLIES 4
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Community Support

Replies 0

Hi @DD1,

 

You've posted some great questions.

 

We've raised these with our technical experts and we'll get back to you as soon as we can.

 

Thanks, NicM.

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Community Support

Replies 0

Hi @DD1,

 

We have forgotten about you!

 

This is still being looked into and we'll get back to you as soon as we can.

 

Thanks, NicM.

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Newbie

Replies 0

I'm not sure when someone from ATO would reply to this. But as I have gone through the process of contributing to super and withdrawing the money, I can answer some of these questions myself so others can benefit.

 

answer to my questions:

1. a. You can apply for release instantly on my.gov.au. Right after you have done an FHSSS determination.

b. Not sure how long the ATO would take to send the request to the fund.

c. Not sure how long the fund took to release the money.

d. In my case, ATO released the money to me in about 11 working days since I requested for release. And it reached my bank account 3 business days later.

 

2. Not sure about this either. Will let ATO reply.

 

3. I found out from the super fund that if we intend to withdraw contributions then it's best to notify the fund of your intention to claim a tax deduction before applying for withdrawal.

 

In general, the whole process is not as easy as it first sounds. It took a lot of my time to get through this scheme.

 

 

 

 

Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @DD1,

 

Thanks for your patience whilst we received information from a technical area regarding your query!

 

When you request a release of your FHSS amounts, we estimate it will take up to 25 days for you to receive your funds (although the current average time is less than this – around 15 days). Once the ATO issues the Release Authority, the super fund has 10 days to process it and reply to the ATO. Time frames can vary due to a number of factors.

 

You need to wait until we have released the FHSS amounts to you before you sign a contact. This is when we forward the remaining FHSS amount (after tax and any Commonwealth debts have been offset) to your bank account (i.e. step d above). There may be a few days difference between when we release the amounts to you and when they are available in your bank account.

 

You don’t need to wait until you’ve lodged your tax return and claimed your deduction before you withdraw your FHSS amounts. However you must provide your notice of intent to your 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.

Assuming your fund provides you with an acknowledgement to the amount you want to claim, you would claim the deduction when you lodge your tax return.

 

If you have further questions, you can phone us on 13 10 20 between 8am - 6pm, Monday to Friday to speak with an operator.

 

Thanks, JodieH.