//

2/2 – Using the FHSSS

No Comments

We covered how the FHSSS works, who can access and how much you need to contribute. Today let’s look at drawing the savings and the Pro’s of the scheme.

When Can I Withdraw My Savings?
If you are over 18, you can request a FHSSS determination from the Australian Taxation Office (ATO) at any time. Of course, you will have had to have made voluntary contributions into your superannuation before then to be able to access them in the first place.

You must have a FHSSS determination before you sign a contract to purchase any property.

To request the determination, log into ATO online services via myGov, go to the super tab and from the drop-down menu select Manage and then First home saver. The ATO will tell you your maximum FHSSS amount when you apply for the determination.

Once you have received the determination, you can apply via myGov again for a release of the amount specified in your FHSSS determination. And once your savings amounts have been released, you have up to 12 months from the date you requested the release of FHSSS savings to sign a contract to purchase or construct a home.

What Are The Pros?
The FHSSS enables you to save money for your first home in the tax-advantageous structure of superannuation.
The tax treatment is especially beneficial if it is saved via before-tax voluntary super contributions, and it is estimated it could boost potential savings for a deposit for a first home by 30%.

The FHSSS can be used by two people, which means a couple can combine their saved amounts for a deposit.

FHSSS amounts earn the shortfall interest charge within superannuation, which is 5.31% for the October to December quarter 2022, a much better rate than what you could get in a savings account or even a term deposit.

Do you want to know more about this and of course when and where to buy?

Join us for our next FREE Webinar with everything you need to know and more.
Previous Post
1/2 – First Home Super Saver Scheme Explained
Next Post
Do you need to be concerned about the interest rate increases?

Leave a Reply

Your email address will not be published. Required fields are marked *

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Legal Disclaimer: This information ('the information') is presented for illustrative and educational purposes only. It is not presented nor should it be treated as real estate advice, legal advice, investment advice, or tax advice. All investments involve risk and potential loss of money. If you require advice in any of these fields you should contact a suitably qualified professional to assist and advise you. Your personal individual financial circumstances must be taken into account before you make any investment decision. We urge you to do this in conjunction with a suitably qualified professional. Daimien Patterson, IntegrityX Enterprises Pty Ltd, and their associated trading names, companies, researchers, authorised distributors and licensees, employees and speakers do not guarantee your past, present or future investment results whether based on this information or otherwise. Daimien Patterson, IntegrityX Enterprises Pty Ltd and their associated trading names, companies, researchers, authorised distributors and licensees, employees and speakers disclaim all liability for your purchase decisions. You should do your own independent due diligence and seek the advice of qualified advisors before making any investment decision.