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First Home Super Saver Scheme

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Hello,

 

I have a question regarding the FHSSS eligibility.

 

1. I have started making voluntary concessional (before-tax) to my super account since 1 July, 2017 with an intent to utilise them under FHSSS.

I have never owned a property and satisfy the below rule

  • 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)

2. In Oct 2017, I have entered into an 'Contract for the Sale and Purchase of Land' for an 'off-the plan' purchase. It is estimated to be settled sometime in 2019.

 

3. I am continuing to make additional super contributions.

 

I am bit concerned if the below clause can make me ineligible for FHSS?

 

Note: We must have released an FHSS amount to you before you sign a contract to purchase or construct residential premises or you may be liable to pay FHSS tax.

 

Can you clarify if I will be able to request for a release of my funds under FHSS?

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ATO Certified

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Hi @kaddy301,

 

Welcome to our Community!

 

Under the FHSS eligibility criteria, you can't request a release of FHSS funds if you've previously owned property in Australia - this includes vacant land.

 

As you've previously entered into a contact (Oct 2017) to purchase land prior to the FHSS release date of 1 July 2018, you won't be eligible to request a FHSS determination as you would already hold real property in Australia.

 

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 @kaddy301,

 

Welcome to our Community!

 

Under the FHSS eligibility criteria, you can't request a release of FHSS funds if you've previously owned property in Australia - this includes vacant land.

 

As you've previously entered into a contact (Oct 2017) to purchase land prior to the FHSS release date of 1 July 2018, you won't be eligible to request a FHSS determination as you would already hold real property in Australia.

 

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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