The first home super save (FHSS) scheme allows individuals who make voluntary contributions into the superannuation system on or after 1 July 2017 to withdraw those contributions (up to certain limits) and an amount of associated earnings for the purpose of purchasing their first home. From 1 July 2018, eligible individuals can apply to the ATO in the approved form for an FHSS determination. This determination sets out the maximum amount that can be released under the FHSS scheme. The amount withdrawn under the FHSS scheme will attract concessional tax treatment.
First home buyers are eligible for this scheme as long as the following apply:
You either live in the premises you are buying, or intend to as soon as practicable;
You intend to live in the property for at least six months of the first 12 months you own it, after is it practical to move in.
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 $30,000 contributions across all years. You will also receive an amount of earnings that relate to those contributions.