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Re: Signed a contract just before applying for FHSS release

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Initiate

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It is the current affair talkback show on Triple J at 5.30pm on weeknights - they have a podcast that you can go back and listen to what they spoke about last night. The minister said they would take on board the complaints about how long the release takes... but those are just words for now.

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Anonymous

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Words for now .. but I believe that this is the begining of them making some tweeks to the FHSS release proceedures... and as more pressure builds the faster they will do it ... the Federal Government is starting to panic about some of its other policies that even members of their own party won't bakc and the last thing they need is more fuel on the fire.

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Initiate

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Hi @erincook

 

Just wondering whether the ATO have released your funds despite it already processed by your super fund a week ago?

 

I don't understand why it takes them so long when the money is in their account?

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Initiate

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Yes! They sent me a message saying my money was released Friday - just in time for the auction (unfortunately we were outbid though) - so that would make it 10 business days. As it was a Friday the money has not appeared in my bank yet... hopefully it will in a couple of days. Have you had any luck?
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Initiate

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No luck for me. Just found out lost out on the house because I couldn't come up with the deposit in time. 

 

Think I've learnt my lesson now Smiley Sad

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Anonymous

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@erincook  can you please clarify for us and everyone else, how you were notified by the ATO that your funds were released, and what that notification said and how long after you received the notification did the funds hit your account .... it would be greatly appreciated ...

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Initiate

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Hi all,

 

I received a note via mygov on 18/08/18 (a Saturday) that the funds had been released - the actual money hit my bank on 22/08/18.

 

This was the note: 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.

 

Hope this helps!

Anonymous

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@SebReiter  just following through one of our earlier discussions about the notification a taxpayer receives from the ATO when FHSSS funds are released ....   please see reponse by @erincook

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Devotee

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Thanks @Anonymous

 

It's good to know how these processes work in detail.

 

So - that's the message to watch out for, the one that says the money's been released to the nominated bank account. The 12 month timer to sign a contract starts on the date that that message is sent. I'm assuming there's no significant delay between when the payment is initiated and the mygov message is sent.

 

I'm an ATO employee voluntarily providing my time here

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Anonymous

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@Tin @erincook

 

Hi Guys, over the weekend I came across something interesting, ATO now has something called  "Commissioner’s Remedial Power (CRP)" which provides the ATO the power to modify the operation of tax and super law to resolve certain unforeseen or unintended outcomes for affected taxpayers.

 

https://www.ato.gov.au/General/ATO-advice-and-guidance/Commissioner-s-remedial-power/

 

This does not mean that they will apply this discretion to FHSS penalty tax, and Im not even sure how it all works, but it may be worth keeping this in mind if they apply the tax to you ... and your objection fails ..