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Withdraw from FHSS

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Newbie

Views 136

Replies 6

I have been doing pre tax salary sacrifice for my first home for a while. We are planning to purchase an existing dwelling. We have made a contract of sale on Jul 22, and when I was reading about withdrawal from FHSS I read FHSS determination to be submitted before signing on the contract. I have missed that and submitted determination on Jul 24th. Is there any appropriate way to request release in this scenario? Is there any channel or phone numbers or email ids where I can check about this.

Any early response on this would be highly appreciated.
1 ACCEPTED SOLUTION

Accepted Solutions
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Most helpful response

Community Support

Replies 0

Hi @dpraneeth,

 

You are correct that you are not eligible for the FHSS scheme if you signed a contract to purchase property before requesting a FHSS determination. You should call us to advise that you applied for the FHSS scheme but were not eligible to do so. This may help minimise any additional tax and penalties that may apply.

 

Regards,

Jodie2.  

6 REPLIES 6
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Community Support

Replies 4

Hi @dpraneeth

 

I have found this previous post which I believe answers your question and you will find helpful.

 

All the best!

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Newbie

Replies 3

Thank you, @YianaATO . Based on my understanding, as I have already signed a contract on Jul 22nd and submitted FHSS determination lately, which I made on Jul 24th is invalid and I cannot claim FHSS. Is my understanding correct?

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Community Support

Replies 2

Hi @dpraneeth,

 

Thank you for your reply. We have answered a similar post on our forum, you can view our response here. You do have a couple of options, however you will need to look into this first. 

 

Hope this helps.

 

Regards,

Jodie2.

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Newbie

Replies 1

@Jodie2, I had a look at that thread and may I know what are the available two options you are mentioning about?
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Most helpful response

Community Support

Replies 0

Hi @dpraneeth,

 

You are correct that you are not eligible for the FHSS scheme if you signed a contract to purchase property before requesting a FHSS determination. You should call us to advise that you applied for the FHSS scheme but were not eligible to do so. This may help minimise any additional tax and penalties that may apply.

 

Regards,

Jodie2.  

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Community Manager

Replies 0

Hi @dpraneeth 

 

We've updated the answer in this thread, we'd recommend you give us a call.