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Re: Kiwisaver/ FHSS

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Newbie

Views 251

Replies 2

Hi
In looking to transfer my KiwiSaver to a complying Super Fund.
My question has two parts.
1. Will I be able to utilise of that money towards a deposit for a first home?

2. If yes, what amount will I able to use and how soon? In other words, will I be able to use the max amount of $30000 or am I limited to a $15000 per financial year limit?
What I would like to do is make the transfer ( to Super) withdraw what I can as soon as I can towards a deposit for a home.

Please advise.
1 ACCEPTED SOLUTION

Accepted Solutions

Best answer

ATO Certified

Enthusiast Super Specialist

Replies 0

Hi @Mrak1,

 

Thanks for your questions.

 

When looking to utilise the FHSS scheme to purchase your first home, certain KiwiSaver and other foreign fund transfer amounts are eligible contributions for calculating your maximum FHSS release. 

 

For your reference the following contributions are not eligible:

  • Super guarantee (SG) contributions made by your employer
  • Mandated employer or member contributions made for you under an award, industrial agreement
  • Member contributions made for you by your spouse, parent or other friends or family
  • Amounts you receive under a contributions-splitting arrangement
  • Government co-contributions
  • Contributions under a structured settlement or personal injury order
  • Amounts contributed to super as part of the small business CGT concessions
  • amounts transferred from a KiwiSaver scheme that are Australian-sourced amounts or returning New Zealand-sourced amounts
  • Applicable fund earnings from a foreign fund transfer that you elect to include in the receiving fund’s assessable income.

 

This means if you have made additional contributions outside the abovementioned you may have funds eligible to access.

 

In relation to the limits applied; you are limited to contributing a maximum of $15,000 of eligible contributions per financial year that are counted towards the FHSS amount, and a total contribution limit amount of $30,000 of eligible contributions across all years.

 

By requesting a determination with the ATO you can find out the maximum amount that you can have released under the FHSS scheme, known as the FHSS maximum release amount.

 

For further information relating to the maximum release amount take a look at the Applying to release your savings section of the ATO’s First Home Super Saver Scheme page.

 

Thanks,

Mark

2 REPLIES 2
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Taxicorn

Replies 0

 

Amounts transferred from foreign funds (including from KiwiSaver) won't count towards the amount eligible to be released under the FHSS scheme. They're classified as transfers of existing monies rather than as voluntary contributions.

 

The reporting guidance the ATO give APRA funds on reporting KiwiSaver amounts they receive says that these amounts need to be reported at the non-assessable foreign fund amount label. (on the member contributions statement for the 2018-19 and earlier years, via the member account transactions service for the 2018-19 and later years). Amounts reported at this label aren't counted towards the releasable amount.

 

So you'd need to make new voluntary contributions to your Australian super account to start building an amount that could be released under FHSS.

 

 

Best answer

ATO Certified

Enthusiast Super Specialist

Replies 0

Hi @Mrak1,

 

Thanks for your questions.

 

When looking to utilise the FHSS scheme to purchase your first home, certain KiwiSaver and other foreign fund transfer amounts are eligible contributions for calculating your maximum FHSS release. 

 

For your reference the following contributions are not eligible:

  • Super guarantee (SG) contributions made by your employer
  • Mandated employer or member contributions made for you under an award, industrial agreement
  • Member contributions made for you by your spouse, parent or other friends or family
  • Amounts you receive under a contributions-splitting arrangement
  • Government co-contributions
  • Contributions under a structured settlement or personal injury order
  • Amounts contributed to super as part of the small business CGT concessions
  • amounts transferred from a KiwiSaver scheme that are Australian-sourced amounts or returning New Zealand-sourced amounts
  • Applicable fund earnings from a foreign fund transfer that you elect to include in the receiving fund’s assessable income.

 

This means if you have made additional contributions outside the abovementioned you may have funds eligible to access.

 

In relation to the limits applied; you are limited to contributing a maximum of $15,000 of eligible contributions per financial year that are counted towards the FHSS amount, and a total contribution limit amount of $30,000 of eligible contributions across all years.

 

By requesting a determination with the ATO you can find out the maximum amount that you can have released under the FHSS scheme, known as the FHSS maximum release amount.

 

For further information relating to the maximum release amount take a look at the Applying to release your savings section of the ATO’s First Home Super Saver Scheme page.

 

Thanks,

Mark