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FHSS tax applicable for off-the-plan purchase?

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Dear sir or madam,

 

I have purchased my first home before 1/7/2017 and paid 5% deposit already. However, I read the FHSS scheme and found a key thing oulined here:

don't sign your contract to purchase or construct your home until after we have released your money or you man be liable to pay FHSS tax. 

 

I am wondering if off-the-plan is subject to FHSS tax or I still can apply for FHSS and enjoy FHSS tax free for my other half of the deposit in 2 years time? It is going to settle early 2020.

 

Kind regards,

Diandian

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Devotee

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Hi @diandianw

 

Thanks for your question.

 

I recgonise you may not have moved in yet having bought off the plan, however the fact that you've paid a deposit suggests that you already 'hold real property in Australia', and would therefore not be eligible for the scheme.

 

On a positive note - congratulations on the recent purchase!

 

Thanks

1 REPLY 1

Most helpful response

ATO Certified Response

Devotee

Replies 0

Hi @diandianw

 

Thanks for your question.

 

I recgonise you may not have moved in yet having bought off the plan, however the fact that you've paid a deposit suggests that you already 'hold real property in Australia', and would therefore not be eligible for the scheme.

 

On a positive note - congratulations on the recent purchase!

 

Thanks