I salary sacrificed bonus income in earlier years and I made the election to do so without knowing the precise amount of that income. I contributed more than $30k to the FHSS this way and would like to know if these funds would now be available to me due to an increase in the threshold to $50k.
Hi @Seanjtr,
We unfortunately can't confirm anything just yet as the legislation hasn't passed parliament and could be subject to change. When it has gone through, we will come back and update this thread to give you some confirmed answers.
Hi @Seanjtr,
We unfortunately can't confirm anything just yet as the legislation hasn't passed parliament and could be subject to change. When it has gone through, we will come back and update this thread to give you some confirmed answers.
Thank you for clarifying that. I see the announcement is that the government intends to increase the amount of contributions which can be withdrawn to more than $30k and backdate it to 2018. But if the law doesn't come into effect until 2023, there wouldn't be any contributions from 2018 to withdraw as I can't see how any potential FHB would want to put post-tax income or savings into super without a guarantee of being able to withdraw later.
All the current info and limits currently apply;
From 1 July 2017, you can make voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund to save for your first home.
You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. You will also receive an amount of earnings that relate to those contributions.
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The budget mentioned an increase to $50k for the scheme but it has not yet been confirmed as to when that will start until it passes legislation - potentially 2022.
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