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FHSSS

Newbie

Views 1157

Replies 6

Hi,

My partner and I attended an auction and were the winning bidders on Saturday March 21.

We exchanged that day, and signed a contract.The agreed settlement period was 45 days, meaning settlement is May 5.

 

I had been salary sacrficiing into my super account, and applied for a determination.

I applied for a release of funds on April 3. Can I confirm it is is the exchange date that is the relevant date here (and not the settlement date)? IE I am actually not elegible to access the funds, because I needed to apply for a release prior to 21 March?

I am confused, because I spoke to an agent at the ATO who stated that because full ownership doesn't occur until settlement, I actually have until that date (May 5) to apply for release of funds.

 

Thanks for any advice. 

SHP

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Certified Response

Community Moderator

Replies 5

Hi @SHP

 

Thanks for your post.

 

You have 14 days from the date you sign the home purchase contract to request a FHSS release. Based on the dates that you have provided, requesting your FHSS release on 3 April was correct as that was within 14 days of 21 March.

 

For more information about how the first home super saver scheme works and when you are required to request your FHSS release, refer to our website.

 

If you had waited until 5 May to request your FHSS release, you wouldn't have been eligible to do so. While you may not be able to move into the property until settlement date, the FHSS scheme rules are based around the date you sign the contract.

 

If you haven't done so already, you will also need to notify us that you have signed a home purchase contract. This needs to be done in the next couple of days (within 28 days of 21 March).

 

You can find out more about what you have to do after your savings have been released including your notification requirements on our website.

 

We hope it all goes well for you.

 

Thanks, ChrisR

6 REPLIES 6

Most helpful response

ATO Certified Response

Community Moderator

Replies 5

Hi @SHP

 

Thanks for your post.

 

You have 14 days from the date you sign the home purchase contract to request a FHSS release. Based on the dates that you have provided, requesting your FHSS release on 3 April was correct as that was within 14 days of 21 March.

 

For more information about how the first home super saver scheme works and when you are required to request your FHSS release, refer to our website.

 

If you had waited until 5 May to request your FHSS release, you wouldn't have been eligible to do so. While you may not be able to move into the property until settlement date, the FHSS scheme rules are based around the date you sign the contract.

 

If you haven't done so already, you will also need to notify us that you have signed a home purchase contract. This needs to be done in the next couple of days (within 28 days of 21 March).

 

You can find out more about what you have to do after your savings have been released including your notification requirements on our website.

 

We hope it all goes well for you.

 

Thanks, ChrisR

Newbie

Replies 4

Thanks Chris,

This makes sense, but I'm stuck re the notifcation process. (On MyGov)

 

That is, after clicking to start this proces, I arrive at the following section (see below). When I enter my contract date (21 March) it says I can't have a contract date before the release date. (Equally, if I put in 5 May, the settlement date, it says I can't have a date in the future.)

It seems that having signed the contract before requesting the release precludes me from accessing the funds?? 

 

Contract date * 21/03/2020
Please enter a date in the format dd/mm/yyyy.
  • Contract dateYou cannot have contract date before request release date

Community Moderator

Replies 3

Hi @SHP

 

Thanks for getting back to us.

 

This is a known issue. We have answered a similar question recently. You can check it out here: FHSS Contract sign and notification

 

As per my advice in the other thread, you will need to give us a call so that we can record your notification.

 

Hope this helps.

 

Thanks, ChrisR

Newbie

Replies 2

Thanks Chris.

Appreciate your patience; I'd rung twice before this post, including the last call where I asked 'are you sure there's no way I can do this over the phone to bypass the form' ... and was told 'no'. There's a great deal of confusion about the FHSS at your end!

Every ATO person I've spoken to has instantly said 'I'm not sure if my training will allow me to answer your questions' or words to that effect.

I'll try one more time, with reference to your advice that the process can definitely be done over the phone.

If there's a particular person/number you recommend I try (who will actually be able to help) that would be especially helpful.

Thanks,

Stephen

 

 

Newbie

Replies 1

Scratch that -- just got on to someone (at last) who was able to sort it out pretty fast.

Will definitely save you (and people accessing the scheme) some headaches when you amend the form to allow release within 14 days after contract.

 

Thanks again

S.

ATO Certified Response

Community Moderator

Replies 0

Hi @SHP

 

Thanks for getting back to us. It is good to know that you were finally able to resolve it.

 

We just thought that it was worth mentioning for others who may stumble upon this thread that the information in our earlier responses had only focussed on the FHSS release and notification requirements due to the questions that were asked. It is important to note that there are also some requirements when it comes to requesting a FHSS determination.

 

Before a FHSS release can be requested, you need to request a FHSS determination. This is where you are asked to detail the voluntary contributions you want to include in your eventual release request so that we can work out your maximum FHSS release amount. For more information about applying to release your savings, refer to our website.

 

You must request your FHSS determination before you sign a home purchase or construction contract. While the FHSS release can be requested up to 14 days after the contract has been signed, this isn't the case for the FHSS determination. If the FHSS determination isn't requested before the contract is signed, you are no longer eligible to request a FHSS release.

 

Hope this helps.

 

Thanks, ChrisR