Technical overview

First Home Super Saver Scheme

First Home Super Saver Scheme (FHSSS)

Eligible contributions

Non-mandated employer contributions and personal contributions made from 1 July 2017. Existing CC and NCC caps apply (see page 34)

Maximum releasable amount

Eligible contributions of up to $15,000 per year and $30,000 in total, plus associated earnings. Note only 85% of eligible CCs can be released

Associated earnings

Earnings on eligible contributions calculated daily using Shortfall Interest Charge from:

  • 1 July 2017 for contributions made in 2017/18, or
  • start of month in which the contribution was made for contributions made in 2018/19 and later financial years

until the date ATO makes a first home super saver determination

Withdrawals

Withdrawal of eligible contributions and associated earnings allowed from 1 July 2018 to purchase first home. Individual must:

  • enter into contract to purchase/construct property within the following timeframes:
  • no earlier than 14 days before the individual makes a request to the ATO for a release of funds
  • no later than 12 months after the release request to the ATO was made
  • purchase a property that is at greater than or equal to the amount withdrawn
  • intend to occupy the property as soon as practical, and
  • intend to occupy the property for at least 6 of the first 12 months

Alternatively, amount withdrawn (less tax withheld) may be recontributed to super as NCC within 12 months

Tax treatment of withdrawals

Amount of withdrawal that relates to CCs and earnings taxed at marginal rates less 30% tax offset

Notification

Individual must notify ATO within 28 days (or longer period allowed by ATO) of entering into contract to purchase/construct property or recontributing the amount that FHSSS requirements have been met

Eligibility criteria

To apply for first home super saver determination individual must:

  • be aged 18 or more
  • never have held a freehold interest in real property, a long-term lease of land or a company title interest in land in Australia,7 and
  • have not previously requested ATO make a first home super saver determination

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