Announcements
We’re in read-only mode while we do some scheduled maintenance to bring you a bigger, better and brighter online community.
You can still search the site to find answers or take a look at our current top 10 questions.

ATO Community

Maximising FHSS through voluntary concessional contributions

Newbie

Views 92

Replies 1

Hi,

 

I'm looking to make voluntary concessional contributions in order to make the most of the FHSS scheme.

 

I have a question that reading the ATO website and documentation doesn't clearly answer, which is the same as this post here. Specifically, that post asks:

 

If I am making concessional voluntary contributions, I understand that I can withdraw 85% of those contributions to a maximum of $15,000 for any one financial year.

What I want to know is, if I make voluntary concessional contributions of $17647 this financial year, can I then draw $15000 (85% of $17647) or can I only draw $12750 (85% 0f $15000)?

I don't want to contribute $17647 if I will only be able to draw the same amount if I contributed $15000, capiche?

 

While that post has a response from an ATO staffer, it doesn't answer this question directly. Could someone please clarify? Thanks.

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

Devotee

Replies 0

You should only contribute $15,000 per year, if they are concessional contributions you can only withdraw $12,750 plus notional earnings.  If you were to contribute more than $15,000 you would still only be able to withdraw $12,750 plus notional earnings.

1 REPLY 1

Most helpful response

Devotee

Replies 0

You should only contribute $15,000 per year, if they are concessional contributions you can only withdraw $12,750 plus notional earnings.  If you were to contribute more than $15,000 you would still only be able to withdraw $12,750 plus notional earnings.