- Who is eligible for the scheme?
To be eligible, you must:
- be at least 18 when you request a release of eligible contributions,
- have never owned property in Australia (including investment properties, commercial properties, a lease of land or a company title interest in land),
- not be purchasing vacant land, a houseboat, a motor home, or any property not capable of being occupied as a residence; and
- not have previously requested release of money under the FHSSS.
- How much can I contribute?
As an individual you can contribute up to $15,000 p.a. under the scheme and no more than $30,000 in total. The overall annual contributions cap limits apply and this may limit how much you can contribute.
- What contributions are eligible for FHSSS?
FHSSS-eligible contributions include:
- Before-tax contributions, such as:
- Voluntary after-tax contributions
Contributions that are not FHSSS-eligible include:
- SG contributions
- Employer contributions made under an award or enterprise agreement
- Government contributions (e.g. co-contributions)
- Contributions paid into your account by a spouse, parent, etc
- Contributions made in respect of a defined benefit interest
- What if you change your mind about the FHSSS?
If you don't use an FHSSS released amount for a first home deposit within 12 months (or up to 24 months if an extension was approved), you'll have two choices:
- Re-contribute the amount into super, or
- Keep the amount
If re-contributing, this must be for the full FHSSS amount you received. Note that the $100,000 annual after-tax (non-concessional) contribution cap will apply, and you won't be able to claim a tax deduction.
If keeping the amount, the ATO will apply a flat tax of 20% on any assessable portion (i.e. salary sacrifice contributions).
- Where can i find more information about the FHSSS?
To find out more about FHSSS eligibility, visit the ATO website
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