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FHSS - Getting started, determination, signing the contract

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Hi there,

I have a bunch of questions I need help with.

 

I'm planning on making some post-tax contributions to my super as part of the FHSSS. Questions are as follows:

 

1. How do I set this up?
I can contacted my super fund and told them of my intent to transfer post-tax contributions. They have sent me the "intent to claim deduction" forms which I know I need to submit for 30 June. Do I need to do anything else to get started?

2. What is a "Determination"? 
I'm seeing this word around a lot. But what is a FHSSS "determination"? And how do I apply for one?

3. What is considered a "contract to purchase" a first home?
I saw this piece of information: "You can sign your contract to purchase or construct your home before making a valid request to release your FHSS amounts. However, you need to have an FHSS determination before you sign and you must make a valid release request within 14 days of entering that contract."
But does this apply to the contract signed when making an offer? Or the contract signed at the end of the settlement/cooling off period?

Your help would be appreciated.

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Most helpful response

Community Moderator

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Hi @miajessica,


Thanks for your questions.


Before making contributions you should;


• check that the nominated super fund (or funds) will release the money
• ask the fund about any fees, charges and insurance implications that may apply
• confirm the super fund has your current contact details and ensure your name matches our records
• be aware that if you receive FHSS amounts, it will affect your tax for the year in which you make the request to release.
• You will receive a payment summary and will need to include both the assessable and tax-withheld amounts in their tax return.

 

A Determination will tell you your Maximum FHSS release amount. You need to request a FHSS determination from us. You do this by applying online using your myGov account linked to the ATO.

 

Important things to know;


•You must apply for and receive a FHSS determination from us before signing a contract for your first home or applying for release of your FHSS amounts.
•You need to ensure the home is located in Australia.
•You can sign your contract to purchase or construct your home from the date you make a valid request to release your FHSS amounts.
•You can sign your contract to purchase or construct your home before making a valid request to release your FHSS amounts. However, you need to have an FHSS determination before you sign and you must make a valid release request within 14 days of entering that contract.
•You can only apply for release of your FHSS amounts once.
•After you have requested the release, it may take between 15 and 25 business days for you to receive your money.
You can check out all this information the FHSS website page.

 

There is no specification in the contract; you need to have the determination before the contract is signed.


If you require more specific information you can write to us;

 

Thanks

 

Kylie S

 

 

 

1 REPLY 1

Most helpful response

Community Moderator

Replies 0

Hi @miajessica,


Thanks for your questions.


Before making contributions you should;


• check that the nominated super fund (or funds) will release the money
• ask the fund about any fees, charges and insurance implications that may apply
• confirm the super fund has your current contact details and ensure your name matches our records
• be aware that if you receive FHSS amounts, it will affect your tax for the year in which you make the request to release.
• You will receive a payment summary and will need to include both the assessable and tax-withheld amounts in their tax return.

 

A Determination will tell you your Maximum FHSS release amount. You need to request a FHSS determination from us. You do this by applying online using your myGov account linked to the ATO.

 

Important things to know;


•You must apply for and receive a FHSS determination from us before signing a contract for your first home or applying for release of your FHSS amounts.
•You need to ensure the home is located in Australia.
•You can sign your contract to purchase or construct your home from the date you make a valid request to release your FHSS amounts.
•You can sign your contract to purchase or construct your home before making a valid request to release your FHSS amounts. However, you need to have an FHSS determination before you sign and you must make a valid release request within 14 days of entering that contract.
•You can only apply for release of your FHSS amounts once.
•After you have requested the release, it may take between 15 and 25 business days for you to receive your money.
You can check out all this information the FHSS website page.

 

There is no specification in the contract; you need to have the determination before the contract is signed.


If you require more specific information you can write to us;

 

Thanks

 

Kylie S