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First Home Super Saver (FHSS) Scheme Determination/Release of funds

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Hello,

 

I've just attempted to apply to release my funds and I'm a little confused. As one can only apply to release their funds once, I don't want to make a mistake and complete the form wrong. 

 

The first page is fine, two questions about owning property previously, which I have not. Easy.

 

The second page is where I have the issue. There are two sections here where you're required to fill in information. 

 

"Add each of your voluntary super fund(s) contributions from 1 July 2017 onward."

This section first asks you which type of contribution you made - salary sacrifice (before tax) or personal voluntary (after tax).

It then asks for the date and the amount, this is the first part I'm confused about. I want to confirm that if I've been salary sacrificing every fortnight for the last financial year I will have to add 26 different entries with the amount I have salary sacrificed each time? Additionally, if it would be for every one of my salary sacrifice contributions over the last year, do I used the pay date from my payslip or do I use date from my super fund for when the money was deposited into my account?

 

"Add your super tax deductions from 1 July 2017 onward." 

This question I have no idea about. It first asks you to select the financial year and then for the total amount of the deductions. 

I haven't done my tax return for last financial year yet (I'm waiting for one last statement to arrive), but when I select last financial year an error displays saying "You do not have personal voluntary contribution for this financial year". So this section is only if one has made a post-tax contribution to super that they wish to claim?

 

Apologies if these seem like dumb questions, like I said you can only apply to release funds once so I don't want to get it wrong. It would be great if the form was a little bit more descriptive too.

 

Regards,

Jeka1103.

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ATO Certified

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Hi @jeka1103,

 

Welcome to our Community!

 

It sounds as though you're requesting a determination - is this correct? A determination is different to applying for a release and you need to have requested a determination before applying for a release.

 

The determination will tell you your maximum release amounts including any associated earnings and you need to apply for this first before applying for a release of your funds. You can apply for a determination as many times as you like, but you can only apply for a release once.

 

When applying for a determination, you need to provide details about:

  • each voluntary FHSS contribution you've made from 1 July 2017, and
  • any amounts you are or have claimed as a deduction.

For each contribution and deduction, you need to provide information about:

 

Voluntary contribution:

  • Type (select from the drop-down menu)
  • Date
  • Amount

Deduction:

  • Financial year
  • Total amount

When all information is entered, you need to select save, read the declaration section and tick the box to sign the declaration and select submit.

 

When entering in the information about your salary sacrifice contributions, yes, you need to enter each contribution that was made and the date it was received by your fund. This information should be available in an account statement from your super fund.

 

If you're eligible to claim a tax deduction for your contributions, you must notify your fund that you intend to claim a tax deduction. However, contributions paid by employers from before-tax income (such as compulsory super guarantee and salary sacrifice amounts) can't be claimed as a tax deduction.

 

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.

1 REPLY 1

Best answer

ATO Certified

Community Support

Replies 0

Hi @jeka1103,

 

Welcome to our Community!

 

It sounds as though you're requesting a determination - is this correct? A determination is different to applying for a release and you need to have requested a determination before applying for a release.

 

The determination will tell you your maximum release amounts including any associated earnings and you need to apply for this first before applying for a release of your funds. You can apply for a determination as many times as you like, but you can only apply for a release once.

 

When applying for a determination, you need to provide details about:

  • each voluntary FHSS contribution you've made from 1 July 2017, and
  • any amounts you are or have claimed as a deduction.

For each contribution and deduction, you need to provide information about:

 

Voluntary contribution:

  • Type (select from the drop-down menu)
  • Date
  • Amount

Deduction:

  • Financial year
  • Total amount

When all information is entered, you need to select save, read the declaration section and tick the box to sign the declaration and select submit.

 

When entering in the information about your salary sacrifice contributions, yes, you need to enter each contribution that was made and the date it was received by your fund. This information should be available in an account statement from your super fund.

 

If you're eligible to claim a tax deduction for your contributions, you must notify your fund that you intend to claim a tax deduction. However, contributions paid by employers from before-tax income (such as compulsory super guarantee and salary sacrifice amounts) can't be claimed as a tax deduction.

 

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.

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