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The Federal Government’s first home super saver (FHSS) scheme was introduced by the Federal Government in 2017/18. The scheme lets you save money for your first home inside your super fund. You can make voluntary contributions into your super to help you save for your first home.

When the time comes to purchase your first home, you can apply to have those voluntary contributions you have made and their associated earnings released to you. According to the government, the FHSS scheme could boost your savings by 30 per cent compared with saving through a standard deposit account1.

You can make the following types of contributions towards the FHSS scheme:

  • Voluntary concessional contributions – including salary sacrifice amounts or contributions for which a tax deduction has been claimed
  • Voluntary non-concessional contributions – these are made after-tax or where a tax deduction has not been claimed.

You can apply for the release of voluntary contributions up to a maximum of $15,000 from any one financial year and $30,000 in total across all years, via your myGov account. From 1 July 2022 the total amount across all years will increase to $50,000.

Make sure you carefully read all of the information about the scheme on the ATO website to consider if this is a good option for you. It’s also important to note that accessing your money isn’t instant, so be sure to allow time for your super fund to process any withdrawal in line with signing contracts etc for your new home.

Reference

1Australian Taxation Office (ATO), ‘First Home Super Saver Scheme’, https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-scheme/

Important information

This information was prepared by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life). A copy of the Product Disclosure Statement can be obtained by contacting Resolution Life. This general advice has been prepared without taking into account your particular financial needs, circumstances or objectives. You should consider the appropriateness of this information in light of your circumstances. This advice is based on our understanding of current law as at May 2022, and is based on its continuance unless stated otherwise. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. Resolution Life do not actively monitor breach of superannuation contribution caps. You should keep track of the contributions made to your account in respect of the caps applicable to you. You should obtain professional advice before acting on the information contained in this communication. Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information. Resolution Life is also not a registered tax (financial) adviser under the Tax Agent Services Act 2009 and you should seek tax advice from a registered tax agent or a registered tax (financial) adviser if you intend to rely on this information to satisfy the liabilities or obligations or claim entitlements that arise, or could arise, under a taxation law.

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