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Hey it seems my payment hasn't come.

Newbie

Views 592

Replies 3

Contract date was last month on the 16th of June and I still haven't received any funds
1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @Ads,

 

Thank you for your post. As you categorsied this post under FHSS I'm providng the relevant information. The website advises - We will issue a release authority to your super fund(s) requesting they send your FHSS release amounts to us. Before we send the balance of the released amount to you we will:

  • withhold the appropriate amount of tax
  • offset the remaining amount against any outstanding Commonwealth debts.

In most cases, it will take between 15 and 25 business days for your fund to release your money and for us to pay it to you.

 

A payment summary will be sent to you at the end of the financial year. It will show your assessable FHSS released amount, which is comprised of:

  • concessional contributions
  • associated earnings on both concessional and non-concessional contributions.

You need to include this amount in your tax return for the financial year you request the release. The tax payable on this assessable amount will receive a 30% tax offset.

 

Hope this helps.

 

Regards,

Jodie2. 

3 REPLIES 3

Champion

Replies 0

Hi @Ads,

 

 

Which payment are you waiting on, so we can look into how we can best help you? 

 

Looking forward to hearing from you.

 

 

Former Community Support

Replies 0

Hi @Ads,

 

How's everything going? Still just waiting to hear back from you about which payment you're waiting on so we can best advise you. Hope all is well for you!

Most helpful response

ATO Community Support

Replies 0

Hi @Ads,

 

Thank you for your post. As you categorsied this post under FHSS I'm providng the relevant information. The website advises - We will issue a release authority to your super fund(s) requesting they send your FHSS release amounts to us. Before we send the balance of the released amount to you we will:

  • withhold the appropriate amount of tax
  • offset the remaining amount against any outstanding Commonwealth debts.

In most cases, it will take between 15 and 25 business days for your fund to release your money and for us to pay it to you.

 

A payment summary will be sent to you at the end of the financial year. It will show your assessable FHSS released amount, which is comprised of:

  • concessional contributions
  • associated earnings on both concessional and non-concessional contributions.

You need to include this amount in your tax return for the financial year you request the release. The tax payable on this assessable amount will receive a 30% tax offset.

 

Hope this helps.

 

Regards,

Jodie2.