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Which month are contributions allocated to and how to get the full FHSS release amount.

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Newbie

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Hi all,

 

Just had a quick question in regards which month concessional contributions are allocated to. When going onto the MyGov to look at my Super contributions I see that there is a Period Date (pay period for the contribution) and a Receipt Date (when the contribution enters the funds bank). If I was to contribute $5,000 in the June pay period (June 1 - 30), will this be allocated to the 2019-20 FY as per Period Date or the 2020-21 FY, as per the Receipt Date, as the contribution would only reach the funds bank in July. 

 

Also I know that there is a maximum $15,000 that you can apply to get released under the FHSS, and that you can only release 85% of concessional (pre-tax) amounts as 15% gets taxed. Does that mean that in order to get the full $15,000 you will need to contribute $17,647?

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ATO Certified

Community Manager

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@mhmly ok we have an answer to the first part of your post!

 

Eligible FHSS contributions are counted when they have been allocated to your super fund account. So the receipt date is the one you need to enter into your FHSS determination.

 

NicolaC

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ATO Certified

Community Manager

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Hi @mhmly

 

Even if you contribute more than $15,000, the withdrawal amount will only be calculated on $15,000. So you can only get $12,750 from the first year, $12,750 from the second year and then earnings on top of that.

 

We're checking with an expert on your question around the period date vs receipt date. Will get back to you as soon as we can.

 

NicolaC

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Best answer

ATO Certified

Community Manager

Replies 0

@mhmly ok we have an answer to the first part of your post!

 

Eligible FHSS contributions are counted when they have been allocated to your super fund account. So the receipt date is the one you need to enter into your FHSS determination.

 

NicolaC