Announcements
We’re in read-only mode while we do some scheduled maintenance to bring you a bigger, better and brighter online community.
You can still search the site to find answers or take a look at our current top 10 questions.

ATO Community

FY2022 Updates

Newbie

Views 172

Replies 3

Hi there,

 

I've noticed that there is an increase as of 1 July 2021 of the FHSSS releasable amoount from $30,000 to $50,000.

 

Up until this point in time, if you contributed $15,000 for two FY's (as this was the max per FY) you could claim this full amount as a tax deduction and then have the $30,000 released from the ATO.

 

However, now with the increase to $50,000, does this mean you could:

1. Use catch up contributions to increase your personal contributions to $25,000 per FY to maximise the tax deductions?

2. Contribute $15,000 in two FY's and now contribute $10,000 in a 3rd FY and claim that as a tax deduction to maximise the tax deductions?

OR 

 

are you only still allowed to contribute up to $30,000? Just trying to wrap my head around what this increase means for personal CONCESSIONAL contributions.

 

Thanks very much

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 2

Hi @gregxclark12,

 

We don't know all the details yet, because it hasn't reached royal ascent. Once we do, we'll update our website with the intricacies.

 

For now, though, Budget Paper No. 2. says: "Voluntary contributions made from 1 July 2017 up to the existing limit of $15,000 per year will count towards the total amount able to be released." This implies it will remain at $15,000 per year, but the maximum release will be increased to $50,000.

 

This isn't set in stone, though, since it has not yet become legislation, so it might change.

 

Once we find out more, our website will be updated. For now, you can read what we do know on First Home Super Saver Scheme – increasing the maximum releasable amount.

3 REPLIES 3

Most helpful response

ATO Community Support

Replies 2

Hi @gregxclark12,

 

We don't know all the details yet, because it hasn't reached royal ascent. Once we do, we'll update our website with the intricacies.

 

For now, though, Budget Paper No. 2. says: "Voluntary contributions made from 1 July 2017 up to the existing limit of $15,000 per year will count towards the total amount able to be released." This implies it will remain at $15,000 per year, but the maximum release will be increased to $50,000.

 

This isn't set in stone, though, since it has not yet become legislation, so it might change.

 

Once we find out more, our website will be updated. For now, you can read what we do know on First Home Super Saver Scheme – increasing the maximum releasable amount.

Newbie

Replies 1

Hi Blake,

 

Thanks for the reply - is there a date for us to know once it hits royal ascent/when we should know the outcome of what the change to $50,000 means for contributions?

Thanks

 

Greg

ATO Community Support

Replies 0

Hi @gregxclark12,

 

Our website talks about the increase starting from 1 July 2022.  

 

At this stage we're still watching this space.

 

Happy saving.