|Date of effect||Start of the first financial year after Royal Assent of the enabling legislation Expected to be 1 July 2022|
The first home super saver (FHSS) scheme allows you to save money for your first home inside your super fund, enabling you to save faster by accessing the concessional tax treatment of superannuation.
You can make voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund and then apply to release those funds.
Currently, under the scheme, participants can release up to $15,000 of the voluntary contributions (and earnings) they have made in a financial year up to a total of $30,000 across all years.
The Government has announced that the current maximum releasable amount of $30,000 will increase to $50,000.
The voluntary contributions made to superannuation are assessed under the applicable contribution caps; there is no separate cap for these amounts.
Amounts withdrawn will be taxed at marginal rates less a 30% offset. Non-concessional contributions made to the FHSS are not taxed.
- you must be 18 years of age or over, never owned property in Australia
- Must have not previously applied to release superannuation amounts under the scheme.
- Eligibility is assessed on an individual basis. This means that couples, siblings or friends can each access their own eligible FHSS contributions to purchase the same property.