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What happens when we apply FHSS determination

Newbie

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Hi All,

 

Just out out curiousity I have below queries. 

1) What happens in background when we apply for FHSS determination.

2) I read in ATO website that "

  • If you make an error in your FHSS determination you can correct this by requesting another determination, provided you have not signed a contract or requested a release."

What error can happen when applying for FHSS determination. When I went to apply FHSS determination, it asked me whether I owned home and showed the contributions I made. Thats it. So just curious.

 

Thanks in advance.

 

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Most helpful response

Community Support

Replies 1

Hi @curiousnewbie,

 

It is important that all of the information in your FHSS determination is correct because your maximum releasable amount will be based on the information you provide. You must only include eligible salary sacrifice or personal voluntary contributions in your FHSS determination and the contributions must be correctly classified in your determination to ensure that the calculations are correct. Superannuation guarantee contributions made by your employer, and spouse contributions cannot be released under the FHSS scheme and must not be included. You must enter each contribution individually and record the amount and date that the contribution was credited to your super fund account – this may be different to the date that is shown on your payslip. You must use your super fund statement or transaction list to help you when applying for your FHSS determination. Most super funds make this information available via their online services.

 

Some contributions may prefill in your FHSS determination and you should check to make sure they’re correct and add any missing ones.

 

You are correct, that you when you apply for a FHSS determination you will be asked questions about previous property ownership. You must have never owned property in Australia – this includes investment property and vacant land that you may be intending to build your home on. To be eligible for the scheme, you must request your FHSS determination before you sign any property contract. The key here is that it is about the signing of the contract – not settlement.

If you make an error in your FHSS determination you can correct this by requesting another determination, provided you have not signed a contract or requested a release.

When you apply for a determination we will calculate the maximum releasable amount based on the information you have provided. If you provide incorrect information in your FHSS determination and request a release based on that incorrect information it is likely that your request will be cancelled and any FHSS money will be returned to your super fund. You can only request a release under the FHSS scheme once. If your release request is cancelled, you will not be able to apply again in the future.

2 REPLIES 2

Most helpful response

Community Support

Replies 1

Hi @curiousnewbie,

 

It is important that all of the information in your FHSS determination is correct because your maximum releasable amount will be based on the information you provide. You must only include eligible salary sacrifice or personal voluntary contributions in your FHSS determination and the contributions must be correctly classified in your determination to ensure that the calculations are correct. Superannuation guarantee contributions made by your employer, and spouse contributions cannot be released under the FHSS scheme and must not be included. You must enter each contribution individually and record the amount and date that the contribution was credited to your super fund account – this may be different to the date that is shown on your payslip. You must use your super fund statement or transaction list to help you when applying for your FHSS determination. Most super funds make this information available via their online services.

 

Some contributions may prefill in your FHSS determination and you should check to make sure they’re correct and add any missing ones.

 

You are correct, that you when you apply for a FHSS determination you will be asked questions about previous property ownership. You must have never owned property in Australia – this includes investment property and vacant land that you may be intending to build your home on. To be eligible for the scheme, you must request your FHSS determination before you sign any property contract. The key here is that it is about the signing of the contract – not settlement.

If you make an error in your FHSS determination you can correct this by requesting another determination, provided you have not signed a contract or requested a release.

When you apply for a determination we will calculate the maximum releasable amount based on the information you have provided. If you provide incorrect information in your FHSS determination and request a release based on that incorrect information it is likely that your request will be cancelled and any FHSS money will be returned to your super fund. You can only request a release under the FHSS scheme once. If your release request is cancelled, you will not be able to apply again in the future.

Community Moderator

Replies 0

Hi @curiousnewbie 

 

Just letting you know that we've added some additional information to the response above that you may want to check out.

 

Let us know if you have any further questions!