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Re: First home super saver scheme

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Hi there - can I avail the fhss scheme for buying property overseas? I am moving overseas and would like to use my super to buy a property overseas.i don’t currently own a property in Australia. Thanks
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Hi @Dkar,


Thank you for your question.


@MVF thanks for your assistance, there have been a few changes since the previous Community post you have referenced.


A recent amendment to the FHSS scheme has clarified that amounts withdrawn under FHSS can only be used to purchase an Australian property. Provided you meet the other FHSS eligibility requirements, the property which you purchase must be located in Australia. Purchase of property located outside of Australia is not eligible under the scheme.


More information is available on our website, there is also a factsheet available to order.


It is important to note that this change applies from the start of the FHSS scheme, which began on 1 July 2018. Keep an eye on our website for updates.


Thanks.

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MVF
Devotee

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Hi @Dkar 

 

YES, you absolutely can if you meet all of the eligibility criteria

 

The FHSS legislation doesn’t specify where a residential premises needs to be located for the purpose of the scheme, so a person can buy where ever they  want to in the world.

 

This issue has been previously discussed in this ATO community post.

 

Further information on the FHSSS can be found in this ATO Law Companion Ruling LCR2018/5

 

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Newbie

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thats great news. thanks MVF but i would also wait for ATO to respond.

Best answer

ATO Certified

Community Support

Replies 3

Hi @Dkar,


Thank you for your question.


@MVF thanks for your assistance, there have been a few changes since the previous Community post you have referenced.


A recent amendment to the FHSS scheme has clarified that amounts withdrawn under FHSS can only be used to purchase an Australian property. Provided you meet the other FHSS eligibility requirements, the property which you purchase must be located in Australia. Purchase of property located outside of Australia is not eligible under the scheme.


More information is available on our website, there is also a factsheet available to order.


It is important to note that this change applies from the start of the FHSS scheme, which began on 1 July 2018. Keep an eye on our website for updates.


Thanks.

MVF
Devotee

Replies 0

Hi @JodieH 

 

Thanks for the update ...

 

Can you please provide the legislative reference for this amendment as I can not seem to find it.

... it would be greatly appreciated ...

 

MVF

MVF
Devotee

Replies 1

Hi @JodieH 

 

Is there some sort of confusion as there are a lot of references, amendments and other for the downsizer contribution in regards to property must be in Australia, but not one single thing in relation to the FHSS ??? 

 

Maybe Im looking in the wrong place ??

 

MVF

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Moderator

Replies 0

Hi @MVF,

 

The amendments are in Treasury Laws Amendment (2019 Measures No. 1) Act 2019 Schedule 4 79-83.

 

The Revised Explanatory Memorandum (paragraphs 3.59 - 3.67) also provides more information on the amendments.

 

Hope this helps.

 

Thanks, NicM

 

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