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Re: Release of FHSS fund to bank Account delayed

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Newbie

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Replies 5

Hi,

 

I raised a request to release my super fund under FHHS on Oct 5th and I received 3 messages from ATO that the amount would be credited to my bank account soon on Nov 5th. Still haven't got the amount yet. This contradicts with the statement in ATO. Now it is more than a month. Expect inbox message I have received nothing.

 

After you have requested the release, it may take up to 25 business days for you to receive your money.

 

Has anyone faced issues like this? Any suggestions on how can I get the money to my bank account asap.

1 ACCEPTED SOLUTION

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Most helpful response

Anonymous

Replies 0

Hi @mitraasp

 

All I can suggest to you in order to get this moving a bit faster is to lodge a formal complaint, and the better way to do it IMO is to lodge one over the phone, and just make sure they give you a reference number when its lodged.

 

When you lodge your complaint, it will be assigned to an ATO Resolver whom will be in touch within 3 business days.

 

To lodge your complaint:

  • access the Complaints form
  • phone 1800 199 010 8am–6pm, Monday to Friday (local time), except national public holidays
  • phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment)
  • fax 1800 060 063
  • write to

Australian Taxation Office
PO Box 1271
ALBURY  NSW  2640

5 REPLIES 5

Anonymous

Replies 1

hI @mitraasp

 

A number of others have expressed frustration over similar FHSS issues just search " FHSS " in the search box on this site. Here is one of the more interesting converstions about this issue on this site.

 

According to someone on this forum whom has been through the FHSS process they received the following message from their ATO Account on myGov when the funds were released, and then it took another 4 days before funds were in their bank account : 

 

 " Your First home super saver (FHSS) scheme amounts have been released to your nominated account. You will receive a FHSS payment summary at the end of the year. " 

 

The most you can do is give the ATO a call and check on the progress of this ..

 

ATO 13 10 20

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Newbie

Replies 0

Hi, im under the same situation. I have actually received letter from ATO saying that the money has been released to my nominated bank account but 3 weeks after money is still not in my account. I have filed a complaint and its with ATO complaint department however, all they can say is a standard answer that the case is being handled and they can not give timeframe on when the money will be transfered to my account. They said there is a "System Issue" that is holding the money to get released. I asked the lady can't ATO release the amount manually instead of waiting for the "system issue" to get fixed? She can not answer this. Is there any one else here having the same issue? I lodge my release of funds 8th October, received the Letter of release of funds 5th Nov.

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Most helpful response

Anonymous

Replies 0

Hi @mitraasp

 

All I can suggest to you in order to get this moving a bit faster is to lodge a formal complaint, and the better way to do it IMO is to lodge one over the phone, and just make sure they give you a reference number when its lodged.

 

When you lodge your complaint, it will be assigned to an ATO Resolver whom will be in touch within 3 business days.

 

To lodge your complaint:

  • access the Complaints form
  • phone 1800 199 010 8am–6pm, Monday to Friday (local time), except national public holidays
  • phone the National Relay Service on 13 36 77 (if you have a hearing, speech or communication impairment)
  • fax 1800 060 063
  • write to

Australian Taxation Office
PO Box 1271
ALBURY  NSW  2640

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I'm new

Replies 1

I've had a similar issue with this scheme. I requested the funds but nothing after 25 days, the ATO claimed they had notified the super fund,  the super fund claimed they had not received the request, they were basically blaming each other,  and I've had to spend a couple of hours on the phone waiting to get through to each of them (ATO were the worst culprit for phone waiting times) to explain my predicament, both of them referring me to the other over the course of 4 phone calls.  I've got less than one week before I'm due to settle and  still don't have the money in my account.  Luckily for me I have family that can lend me the money so that I'm able to settle.  I would not recommend this poorly adminstered and thought out scheme for anyone that is likey to have cash flow issues when settling, the wait time time to get your cash is too long, it doesn't match the house buying process, the scheme needs a rethink. 

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Community Support

Replies 0

Hi @Owen3456,

 

I apologise for the delays you are experiencing. The website does advise - After applying for release of FHSS - 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.

 

If you have already escalated the matter you would need to call us directly. We do not have access to client accounts through this forum unfortunately and cannot follow this up. 

 

You may also provide feedback via our website, this can be submitted online and sent through to the relevant area. 

 

Regards,

Jodie2.