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First home super saver scheme

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Newbie

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Hi, regarding the FHSSS. I manage the payroll for my work. One of our employees is salary sacrificing their salary in order to use this for the FHSSS. The issue is in relation to the allocation of FY17/18 amounts that were salary sacrificed (in the month of June 18) but not received by the fund till after June 18. The superfund has allocated this to FY18/19 not FY17/18 and this is now going to have an impact on what they can use under this scheme. The superfund say they cannot change what year this is allocated to. This persons payment summary shows the amounts deducted for the FY17/18 year. How can this be rectified? 

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Devotee

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Hi l2b

 

This is how all the super policies I can think of work - ie they're based on when the money was allocated to a superannuation account, not when the super obligation accrued or when the payment was made by an individual or an employer.

 

So, the amount can't be allocated to the 2017-18 year.

 

But that doesn't mean that the amount isn't available to be released to the individual. As soon as the contribution is allocated to a super account an individual can ask for it to be released under the FHSS scheme.

 

The only possible irritant is if the person wanted to save another $15,000 towards the FHSSS release amount in the 2018-19 year and the salary sacrifice contribution for June 2018 means that they'll no longer be able to save that full amount. Unfortunately there's no way to fix that.

 

I'm an ATO employee voluntarily providing my time here

1 REPLY 1
Highlighted

Most helpful response

ATO Certified Response

Devotee

Replies 0

Hi l2b

 

This is how all the super policies I can think of work - ie they're based on when the money was allocated to a superannuation account, not when the super obligation accrued or when the payment was made by an individual or an employer.

 

So, the amount can't be allocated to the 2017-18 year.

 

But that doesn't mean that the amount isn't available to be released to the individual. As soon as the contribution is allocated to a super account an individual can ask for it to be released under the FHSS scheme.

 

The only possible irritant is if the person wanted to save another $15,000 towards the FHSSS release amount in the 2018-19 year and the salary sacrifice contribution for June 2018 means that they'll no longer be able to save that full amount. Unfortunately there's no way to fix that.

 

I'm an ATO employee voluntarily providing my time here