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Re: First Home Super Saver Scheme

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Under the First Home Super Saver Scheme, singles are able to contribute up to $15,000 per annum towards the scheme and a maximum $30,000. Are these figures pre- or post-tax dollars? i.e. you are able to contribute greater than these amounts towards the scheme, but the post-tax value to be contributed towards your deposit cannot exceed $15,000 and $30,000 respectively. 

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Hi tomb1992

 

They're pre-tax dollars.

 

If you salary sacrifice $15,000 into super, the fund will deduct the 15% contributions tax and you'll be left with $12,750 in your super account. But you'll have reached the $15,000 maximum amount that counts towards FHSS in a year.

 

When you request a release of the money, 85% of the eligible concessional contributions will be released. That is, 85% of the $15,000 concessional contributions that counted, or $12,750.

 

After two years of salary-sacrificing $15,000 you'd have reached the maximum amount able to be released under FHSS, and $25,500 would be released by a super fund.

 

I'm an ATO employee voluntarily providing my time here

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ATO Certified

Devotee

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Hi tomb1992

 

They're pre-tax dollars.

 

If you salary sacrifice $15,000 into super, the fund will deduct the 15% contributions tax and you'll be left with $12,750 in your super account. But you'll have reached the $15,000 maximum amount that counts towards FHSS in a year.

 

When you request a release of the money, 85% of the eligible concessional contributions will be released. That is, 85% of the $15,000 concessional contributions that counted, or $12,750.

 

After two years of salary-sacrificing $15,000 you'd have reached the maximum amount able to be released under FHSS, and $25,500 would be released by a super fund.

 

I'm an ATO employee voluntarily providing my time here

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