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Family/sole trader

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Newbie

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Hi

 

My partner is a sole trader. Can she benefit from FHSS?

Also, can both of us make use of FHSS when we buy our first home?

 

Apologies in advance if I'm missing something obvious here - all those rules and regulations are really tricky to understand, and I couldn't find a simple and straightforward explanation. Appreciate your help.

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ATO Certified

Taxicorn

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The eligibility is:

 

You can start making super contributions from any age. However, you must be 18 years old or older to request a determination or a release of amounts under the FHSS scheme.

Also, you must have:

  • never owned property in Australia – this includes an investment property, vacant land, commercial property, a lease of land in Australia, or a company title interest in land in Australia (unless the Commissioner of Taxation determines that you have suffered a financial hardship)
  • not previously requested the Commissioner to issue an FHSS release authority in relation to the scheme.

Eligibility is assessed on an individual basis. This means that couples, siblings or friends can each access their own eligible FHSS contributions to purchase the same property. If any of you have previously owned a home, it will not stop anyone else who is eligible from applying.

 

So basically if you are both over 18 and have never owned any property (house/land etc), then you can both apply for a determination.

 

https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-sch...

 

2 REPLIES 2
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Best answer

ATO Certified

Taxicorn

Replies 1

The eligibility is:

 

You can start making super contributions from any age. However, you must be 18 years old or older to request a determination or a release of amounts under the FHSS scheme.

Also, you must have:

  • never owned property in Australia – this includes an investment property, vacant land, commercial property, a lease of land in Australia, or a company title interest in land in Australia (unless the Commissioner of Taxation determines that you have suffered a financial hardship)
  • not previously requested the Commissioner to issue an FHSS release authority in relation to the scheme.

Eligibility is assessed on an individual basis. This means that couples, siblings or friends can each access their own eligible FHSS contributions to purchase the same property. If any of you have previously owned a home, it will not stop anyone else who is eligible from applying.

 

So basically if you are both over 18 and have never owned any property (house/land etc), then you can both apply for a determination.

 

https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-sch...

 

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ATO Certified

Community Support

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Hi @Leon99

 

Welcome to our Community.

 

@macfanboy is correct. We recommend that you have a good read of the link that @macfanboy has provided to our website.

 

The first home super saver (FHSS) scheme allows you to make voluntary contributions to your super fund (from 1 July 2017) and access them at a later date (from 1 July 2018) for the purposes of purchasing your first home.

 

You don't have to be employed to be eligible for the scheme. In fact, you don't have to be working at all. The fact that your partner is a sole trader is irrelevant. The scheme is open to anyone that meets the criteria as outlined on our website.

 

Hope this helps.

 

Thanks,

 

ChrisR