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First Home Super Saver Scheme

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I'm new

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Firstly, I have tried getting through on 131020 but keep getting told the line is too busy.

 

I am asking on behalf of my boyfriend, who doesn't own any property.

 

He once entered a contract to buy a house and land package, but due to a job loss at the time the contract was not fullfilled. (LC 2018/D5)

 

9. However, an individual will not have obtained a freehold interest in property where the individual has entered into a contract to purchase the real property and the contract does not subsequently complete.

 

 

As such I think he is eligible to save through this scheme what he can afford, which is about $500 per month concessional. That would be about $5000/$4250 if he started in September and about $6000/$5100 the following year. If he then "topped up" to $15,000 by using non-concessional post tax savings he already has he could contribute $10750 this year 18/19 and $9900 next year 19/20.

 

Then there would be a non- refundable tax offset equal to the 30% on the determine payout figure - he is in the 32.5 bracket and would therefore be pushed up into the 37% tax bracket for the extra $30kish but only after a 30% offset depending on the payout figure and his assessable income. 

 

BUT

Is it true non-concessional amounts and the earnings on them are tax free? As that is what they are saying on money smart under FHSS (Non-concessional contributions and earnings can be withdrawn tax free. Concessional contributions and earnings will be taxed at marginal tax rates with a tax offset of 30%.) In this case with the offset he would still pay minimal extra tax.

 

I know this is detailed but it is still general information on a hypothetical situation!!!

 

Cheers guys

 

 

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ATO Certified

Anonymous

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This forum is not designed to answer issues that are this involved as hypothetical as they may be.

 

The better way to approach this is to apply for ATO administratively binding advice which will give you the opporunity to discuss the issue with the ATO officer that is going to provide the written response.

 

If you want to get through to the general line a lot quicker I suggest phoning very early in the morning or very late at night.

 

ATO general phone line 13 10 20

1 REPLY 1
Highlighted

Best answer

ATO Certified

Anonymous

Replies 0

This forum is not designed to answer issues that are this involved as hypothetical as they may be.

 

The better way to approach this is to apply for ATO administratively binding advice which will give you the opporunity to discuss the issue with the ATO officer that is going to provide the written response.

 

If you want to get through to the general line a lot quicker I suggest phoning very early in the morning or very late at night.

 

ATO general phone line 13 10 20