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Using FHSS to Pay for Other Commonwealth Debts

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Newbie

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Hi,

 

I cannot find anywhere on the ATO's website clarification on what i can spend the FHSS on once requested. I am currently looking at buying a place but at the same time I have a tax bill on the way. I have enough deposit to purchase my house without the FHSS but am i able to request the release and pay my tax bill with this money.

 

If anyone has had any experience similar to this or can direct me to somewhere to find information on spending the FHSS please let me know.

 

Sam

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Best answer

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Replies 2

FHSS money only can be accessed in two ways.

Either for the Deposit of A home or if you don't need it any more then Concessional Super Contributions. You can not access the funds to pay off any personal or ATO debt.

In your case if you need to access that money for Home Deposit when you find the appropriate homw & access it as normal. Any surplus funds left from your personal savings can be used towards paying off any personal debt including ATO Debt.

To find out about the process of accessing the funds you will need to speak to your Industry or retail superfund & they will advise you the application process & required documentation.

Hope this helps.

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Best answer

Initiate

Replies 2

FHSS money only can be accessed in two ways.

Either for the Deposit of A home or if you don't need it any more then Concessional Super Contributions. You can not access the funds to pay off any personal or ATO debt.

In your case if you need to access that money for Home Deposit when you find the appropriate homw & access it as normal. Any surplus funds left from your personal savings can be used towards paying off any personal debt including ATO Debt.

To find out about the process of accessing the funds you will need to speak to your Industry or retail superfund & they will advise you the application process & required documentation.

Hope this helps.

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Newbie

Replies 1

Thank you for responding;

 

So you are suggesting I replace the personal funds within my deposit with the money from the FHSS (even though i dont paticular need it to achieve my say 20% deposit i might as well use it so i have more personal funds to play with (like paying off a tax bill)?

 

 

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Initiate

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Exactly