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Residual funds at settlement FHSS

Newbie

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Hi 

 

We purchased our first home late last year using our own deposit (40k), supplemented by a FHSS release (15k less tax) however due to an adjustment at settlement there was a $2k residual.

 

So our total deposit worked out to be approx $53k, (exceeding my FHSS release). As not all of the FHSS release funds were used at settlement, will I be required to return the residual FHSS release funds into Super or can I use the residual FHSS release funds for a different purpose (ie not for the home purchase)? If I use the residual FHSS release funds for a different purpose (such as white goods or repairs) can you please confirm how much tax I will incur on that residual amount (as a percentage given exact figures weren't provided)?

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Most helpful response

Community Moderator

Replies 1

Hi @willtfj 

 

You can use the funds for whatever you need. You obviously qualified for the release that is all you need to do, the money is yours.

 

 

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Community Moderator

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We will look into this one for you @willtfj

Most helpful response

Community Moderator

Replies 1

Hi @willtfj 

 

You can use the funds for whatever you need. You obviously qualified for the release that is all you need to do, the money is yours.

 

 

Newbie

Replies 0

Thanks @KylieATO!