Payment of your FHSS amount could be delayed or reduced (including to nil) or both if you have an outstanding Commonwealth debt. If you have an outstanding debt with the ATO or another Commonwealth agency, your FHSS release amount may be offset against this debt.You can sign your contract to purchase your property after you make a valid release request.
The home you purchase or construct must be located in Australia.However, you must have a FHSS determination before you sign any property contract. You must make your release request within 14 days of signing a property contract.You should consider this timing when you start your home buying activities. After you make your release request, it may take between 15 and 20 business days for you to receive your money.You can only request a release under the FHSS scheme once.You will also receive a deemed amount of associated earnings that relate to those contributions – this is not the actual investment earnings on those contributions. You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $50,000 contributions across all years.Limits apply to the eligible contributions that count towards your maximum releasable amount.Your release may also be cancelled and this may affect your eligibility for the scheme. If there is incorrect information in your FHSS determination and you later request a release based on that incorrect information, your request may be delayed.If there is an error in your FHSS determination you can correct this by requesting another determination, provided you haven't signed a contract or requested a release.Make sure you correctly enter each of your eligible contributions for all years into the FHSS determination form.You must apply for and receive a FHSS determination from us before signing a contract for your first home or applying for release of your FHSS amounts.Superannuation guarantee contributions made by your employer, and spouse contributions cannot be released under the FHSS scheme.There are a number of important things you need to know if you plan to use the FHSS scheme: You will also receive associated earnings, which is a deemed amount of earnings calculated based on the shortfall interest charge (SIC) rate – this is not the actual earnings on those contributions in your fund.Ĭontributions released under the FHSS scheme can be used to buy a new or existing home in Australia. (If you requested a release before 1 July 2022, when the total limit across all years was $30,000, you cannot make any further requests to take you up to the current $50,000 limit.)
If you meet the eligibility requirements, you can have these voluntary contributions released, up to a limit, (along with associated earnings) to help you purchase your first home. The scheme allows you to make voluntary contributions (both before-tax concessional and after-tax non-concessional) into your super fund to save for your first home.
The first home super saver (FHSS) scheme allows you to save money for your first home in your super fund.
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