Basics Of First Home Super Saver Scheme

Basics Of First Home Super Saver Scheme

Eligible candidates may request to release their voluntary contributions and associated profits under the First Home Super Saver (FHSS) Scheme to assist with the purchase of their first home. To submit a request for the release of these funds, they must meet the eligibility criteria.

If you are a first-time home buyer and meet the both below given requirements, you may use this scheme:

  • You will occupy the premises you buy or intend to as soon as practicable.
  • You intend to occupy the property for at least 6 months within the first 12 months you own it, after it is practical to move in.

Up to a total of $50,000 in contributions throughout all years, you can request to have a maximum of $15,000 of your voluntary contributions from any one financial year.

Who Is Eligible To Request A FHSS Determination?

To request an FHSS determination or a release of funds under the FHSS programme, you must be at least 18 years old. However, you are still able to contribute before turning 18 years old.

Also, you must have:

  • never owned property in Australia, including investment property, vacant land, commercial property, a lease of land, or a company title interest in land in Australia.
  • never requested an FHSS release under the FHSS scheme.

Since each applicant’s eligibility is evaluated individually, this means that friends, siblings, and spouses can all use their respective qualifying FHSS payments to buy the same piece of property.

Apply To Release Your Super Savings

You can always check your super fund balance to find out how much money you have saved. This will make it easier to calculate how much total amount from FHSS is allowed.

You need to apply to the ATO for an FHSS determination and a release when you’re ready to start receiving your FHSS amounts. Before you sign a contract to buy any property that gives you an interest in it, you must first obtain an FHSS determination.

You can sign a contract to purchase or construct your home either:

  • from the date you make a valid request to release your FHSS amounts
  • before making a valid request to release your FHSS amounts

Want to request a FHSS determination? Feel free to contact our tax accountants in Dandenong to help you out with the application process. Call now to book a consultation session.

Consulting with KPG Taxation

Focus On Growing Your Business, Leave The Accounting On Us!

  • Income Tax : File your taxes & get the best claims & returns.
  • Accountancy : Hire expert accountants to manage your transactions.
  • Bookkeeping : Let us handle your record books and expense reports.
  • Business Advisory : From company set-up to payroll, we handle it all.