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Moving super funds and FHSS

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Newbie

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Hey there!

 

Let's say I've contributed $10,000 in personal contributions to ZSuper and then transfer over to another fund, VSuper. Will these still count towards my First Home Super Saver (FHSS) Scheme savings?

 

And how will VSuper know that I already contributed $10K towards FHSS?

 

Thanks ATO gurus! Smiley Happy

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ATO Certified

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Hi @ali_B

 

Thanks for your post.

 

As long as the $10,000 of voluntary contributions were made from 1 July 2017 onwards, they will count towards your FHSS scheme savings. The FHSS scheme rules don't prevent you from transferring your super to another super provider.

 

VSuper doesn't need to know that the super that has been transferred to them from ZSuper contains $10,000 of voluntary contributions that you intend to access via the FHSS scheme. In fact, ZSuper doesn't need to know either.

 

When you complete your FHSS determination request, you will need to provide a few details (type, date and amount plus deductions if applicable) about the voluntary contributions that you have made. You won't be asked to tell us what super fund (or funds) those contributions were made to.

 

It is when you complete your FHSS release request that you will be asked to detail the super fund (or funds) that you would like your FHSS maximum release amount to be released from. Using your example, you would nominate VSuper.

 

For more information about the first home super saver scheme, have a look at our website.

 

Hope this helps.

 

Thanks, ChrisR

1 REPLY 1
Highlighted

Best answer

ATO Certified

Community Support

Replies 0

Hi @ali_B

 

Thanks for your post.

 

As long as the $10,000 of voluntary contributions were made from 1 July 2017 onwards, they will count towards your FHSS scheme savings. The FHSS scheme rules don't prevent you from transferring your super to another super provider.

 

VSuper doesn't need to know that the super that has been transferred to them from ZSuper contains $10,000 of voluntary contributions that you intend to access via the FHSS scheme. In fact, ZSuper doesn't need to know either.

 

When you complete your FHSS determination request, you will need to provide a few details (type, date and amount plus deductions if applicable) about the voluntary contributions that you have made. You won't be asked to tell us what super fund (or funds) those contributions were made to.

 

It is when you complete your FHSS release request that you will be asked to detail the super fund (or funds) that you would like your FHSS maximum release amount to be released from. Using your example, you would nominate VSuper.

 

For more information about the first home super saver scheme, have a look at our website.

 

Hope this helps.

 

Thanks, ChrisR