Where are you at with your super?

First home super saver scheme

The Government has introduced a first home super saver scheme (FHSSS) to assist first home buyers in saving for a deposit via their super account.

When does the FHSSS start?

Personal contributions made from 1 July 2017 are eligible, and may be withdrawn from your super account from 1 July 2018.

Which contributions qualify for the FHSSS?

Non-concessional contributions (annual limit of $100,000 applies)

  • Personal contributions you have not claimed a tax deduction for.

Concessional contributions (annual limit of $25,000 applies)

  • Salary sacrifice contributions;
  • Personal contributions you have claimed a tax deduction for.

Which contributions don’t qualify for the FHSSS?

  • Compulsory Superannuation Guarantee contributions made by your employer;
  • Compulsory employer contributions made under an award or enterprise agreement;
  • Government co-contributions;
  • Spouse contributions

How much can be withdrawn?

Up to $15,000 of eligible contributions each year, and $30,000 in total. Withdrawal applications must be made to the Australian Taxation Office (ATO).

Is tax paid on amounts withdrawn from super under the FHSSS?

Tax is payable on withdrawn concessional contributions at your marginal tax rate less a 30% tax offset. No tax is payable on withdrawn non-concessional contributions.

Am I eligible to use the FHSSS?

The following are the main rules applying to the FHSSS:

  • you must be 18 or over; you must not have not used the FHSSS before;
  • you must not have previously owned real property in Australia;
  • you must live in the property.

For further information about the rules of the FHSSS, refer to the ATO website.