ATO Community

For the FHSS scheme ,can a person use the funds in the same financial year

Newbie

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Hello,

 

So I had contributed 15,000 in total in the financial year 2018 -2019  and I have currently done  a total contribution of 15,000 between the months of Jan 2021 and Feb 2021 , Could some one please let me know if I can withdraw it from my super in the same financial year?

 

I want to purchase a house in the month of May 2021, so was wondering if I could withdraw it from my super and would I be able to withdraw the full amount i.e (30,000) ?

 

Thanks, 

Josh

 

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Most helpful response

ATO Community Support

Replies 0

Hi @jrego5,

 

Yes you can access your FHSS, the website advises - You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. You will also receive an amount of earnings that relate to those contributions.

 

When you are ready to receive your FHSS amounts, you need to apply to us for an FHSS determination and a release. You can sign your contract to purchase or construct your home either:

  • from the date you make a valid request to release your FHSS amounts
  • before making a valid request to release your FHSS amounts.

If you sign your contract to purchase or construct your home before making a valid request to release FHSS amounts, you'll need to:

  • have an FHSS determination before you sign
  • make a valid release request within 14 days of entering that contract.

Please use the links below for further information.

 

Links -

FHSS

Request a determination and a release.

 

All the best.

 

2 REPLIES 2

Community Moderator

Replies 0

We will do some research on this one for you. @jrego5

Most helpful response

ATO Community Support

Replies 0

Hi @jrego5,

 

Yes you can access your FHSS, the website advises - You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. You will also receive an amount of earnings that relate to those contributions.

 

When you are ready to receive your FHSS amounts, you need to apply to us for an FHSS determination and a release. You can sign your contract to purchase or construct your home either:

  • from the date you make a valid request to release your FHSS amounts
  • before making a valid request to release your FHSS amounts.

If you sign your contract to purchase or construct your home before making a valid request to release FHSS amounts, you'll need to:

  • have an FHSS determination before you sign
  • make a valid release request within 14 days of entering that contract.

Please use the links below for further information.

 

Links -

FHSS

Request a determination and a release.

 

All the best.