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Worried you’re missing part of your refund? Remember, the low and middle income tax offset isn’t a refund on its own – it’s used to offset (or reduce) the amount of tax you pay. The offset amount you may be entitled to is automatically applied and could range between $255-$1080, depending on things like your taxable income and how much tax you’ve paid.
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Taxed even though I have recontributed FHSS amount

Newbie

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Replies 1

I have recontributed my FHSS amount wholly within one month of receiving it.

 

I have just received a payment summary notifying me the full amount is assessable income and must be included in my tax return.

 

Does this mean I am going to have to pay tax on this FHSS amount that I did not get to use and is locked away in super?

1 ACCEPTED SOLUTION

Accepted Solutions

Most helpful response

ATO Community Support

Replies 0

Hi @teddyz,

 

If you have re-contributed the FHSS amount to your super fund (as a non concessional contribution), you still need to include the original released amount on your return. Bear in mind you will have the FHSS 30% tax offset applied once this is reported. You also need to advise us you have re-contributed the amount, you can check the Notification requirements at the base of this webpage.

 

All the best.

1 REPLY 1

Most helpful response

ATO Community Support

Replies 0

Hi @teddyz,

 

If you have re-contributed the FHSS amount to your super fund (as a non concessional contribution), you still need to include the original released amount on your return. Bear in mind you will have the FHSS 30% tax offset applied once this is reported. You also need to advise us you have re-contributed the amount, you can check the Notification requirements at the base of this webpage.

 

All the best.