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First Home Super Saver Scheme owned home outside of Australia

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I have a specific question regarding the FHSSS. I currently own a home in the United States. This is not "an investment" property as I plan to live in it one day at least part-time, although it is rented and taxed like an investment.  I do not currently own, nor have I ever owned, any property in Australia.  I am saving to purchase a home in Australia.  Am I elgible for the FHSSS?

 

Thanks! 

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 0

Hi @Red 

The below is the eleigibility requirement as per ATO

Who is eligible

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 a FHSS release authority in relation to the scheme.

As per the first bullet point it clearly says that you should not have owned property in Australia, as long as it is overseas propety & you have not owned in Aus then you will be eligible, however there are some other creiterias you will need to meet, so please check the below link to understand all eligibility criterias & the process.

https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/First-Home-Super-Saver-Sch...

1 REPLY 1

Most helpful response

Devotee

Replies 0

Hi @Red 

The below is the eleigibility requirement as per ATO

Who is eligible

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 a FHSS release authority in relation to the scheme.

As per the first bullet point it clearly says that you should not have owned property in Australia, as long as it is overseas propety & you have not owned in Aus then you will be eligible, however there are some other creiterias you will need to meet, so please check the below link to understand all eligibility criterias & the process.

https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/First-Home-Super-Saver-Sch...