Announcements
COVID-19 update: Check out our answers to common questions about JobKeeper payment and early release of super.

ATO Community

First Home Super Savers Scheme

Highlighted

Newbie

Views 317

Replies 3

My daughter wants to buy a home under FHSSS.

She intends to live in it in the first 12 months-however she is in the Military. A Military posting elsewhere may not allow this to happen within the first 12 months. She does intend to eventually live in it if the former is not practicable. If she instead lets her family (parents/sister) move-in can she still access the FHSSS.

 

1 ACCEPTED SOLUTION

Accepted Solutions
Highlighted

Best answer

ATO Certified

Community Support

Replies 2

Hi @Crunchtime

 

Welcome to our Community.

 

The purpose of the first home super saver (FHSS) scheme is to enable first home buyers to utilise their super to purchase a home to live in.

 

Once your daughter's savings have been released, they have up to 12 months (or other period allowed) from the date they requested the release of their FHSS amounts to sign a contract to purchase or construct a home. We will grant an extension of time for a further 12 months if necessary.

 

Your daughter must genuinely intend to occupy the property as a home, and demonstrate this by:

  • occupying or intending to occupy the property as soon as practicable after purchase
  • occupying or intending to occupy the property for at least six of the first 12 months from when it is practicable to occupy it.

 

You can read this information by going to the after your savings have been released section of the FHSS scheme page on our website.

 

Hope this helps.

 

Thanks,

 

ChrisR

3 REPLIES 3
Highlighted

Best answer

ATO Certified

Community Support

Replies 2

Hi @Crunchtime

 

Welcome to our Community.

 

The purpose of the first home super saver (FHSS) scheme is to enable first home buyers to utilise their super to purchase a home to live in.

 

Once your daughter's savings have been released, they have up to 12 months (or other period allowed) from the date they requested the release of their FHSS amounts to sign a contract to purchase or construct a home. We will grant an extension of time for a further 12 months if necessary.

 

Your daughter must genuinely intend to occupy the property as a home, and demonstrate this by:

  • occupying or intending to occupy the property as soon as practicable after purchase
  • occupying or intending to occupy the property for at least six of the first 12 months from when it is practicable to occupy it.

 

You can read this information by going to the after your savings have been released section of the FHSS scheme page on our website.

 

Hope this helps.

 

Thanks,

 

ChrisR

Highlighted

Newbie

Replies 1

Well aware of the stuff you cut and pasted but can you please answer the question ...what if she is unable to due to Military commitments. If she moves her direct family (parents and sister) in then does that constitute main abode. She would own no other home..

Highlighted

Community Manager

Replies 0

 

Hi @Crunchtime,

 

Thanks for the extra information.

 

There are no specific exemptions for this situation. However, what is considered 'as soon as practicable' can be considered on a case by case basis.Each individual set of circumstances are assessed.

 

Due to your daughters situation we would suggest that she request interpretive advice to check her eligibility for the scheme.

 

Thanks

 

KylieS