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FHSS

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Newbie

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Replies 4

Apologies if this has been answered previously. Once FHSS is claimed what happens on your tax return?
Specifically about adding it into your tax return as assessable income and the tax implications/obligations as some tax has already been paid on release. I’m in the 32.5% bracket
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Community Support

Replies 3

Hi @CLH1,

 

Not a worry at all, happy to answer Smiley Happy

 

The amount of your FHSS released amount should pre-fill into your tax return. However it's best to have your payment summary that shows the assessable FHS amount at hand when completing the return just in case that information hasn't loaded by the time you lodge.

 

The payment summary will be sent after you've received all of the approved FHSS amount, and you can expect to receive it a few weeks after the end of financial year.

 

Here is a direct link to the instructions for entering FHSS details in MyTax.

 

The tax that's already been withheld on this payment is taken into account when you lodge your return, along with your marginal tax rate for the year you requested the release. So this will all be calculated specific to your circumstances around the FHSS. Here's some more FHSS information to expand on this.

Hope this has helped!

 

RachATO

4 REPLIES 4
Highlighted

Most helpful response

Community Support

Replies 3

Hi @CLH1,

 

Not a worry at all, happy to answer Smiley Happy

 

The amount of your FHSS released amount should pre-fill into your tax return. However it's best to have your payment summary that shows the assessable FHS amount at hand when completing the return just in case that information hasn't loaded by the time you lodge.

 

The payment summary will be sent after you've received all of the approved FHSS amount, and you can expect to receive it a few weeks after the end of financial year.

 

Here is a direct link to the instructions for entering FHSS details in MyTax.

 

The tax that's already been withheld on this payment is taken into account when you lodge your return, along with your marginal tax rate for the year you requested the release. So this will all be calculated specific to your circumstances around the FHSS. Here's some more FHSS information to expand on this.

Hope this has helped!

 

RachATO

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Newbie

Replies 2

Thank you @RachATO
So the FHSS amount is still liable for more tax on my tax return? Minus the tax amount already paid, is that correct?
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Community Support

Replies 1

Hi @CLH1

 

Thanks for getting back to us.

 

As your assessable FHSS released amount needs to be included in your tax return, it will form part of your taxable income. As you are in the 32.5% marginal tax bracket, it will be taxed at 4.5% due to the 30% offset that we will apply to the amount (32.5% plus Medicare levy minus 30%).

 

The tax that we withheld from the amount will be a credit on your income tax assessment. Depending on the outcome of your assessment and how much you asked us to withhold in your FHSS release request, you may get some or all of it back as a refund.

 

All the best.

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Newbie

Replies 0

Thank you @ChrisATO you made that very clear for me, that’s great