First home super saver (FHSS) scheme
FHSS Scheme Overview
The First Home Super Saver (FHSS) Scheme was proposed in the 2017 Federal Budget and passed both houses of Parliament and received Royal Assent in December 2017. The FHSS Scheme aims to reduce pressure on housing affordability by enabling first home savers to make voluntary contributions into the superannuation system and to withdraw those contributions and associated earnings for the purposes of purchasing their first home.
The FHSS Scheme applies to the concessional and non-concessional contributions that an individual voluntarily makes into superannuation on or after 1 July 2017, through either personal contributions or through salary sacrificing arrangements entered into with their employer, provided that those contributions are made within the existing contribution caps. Such contributions can be withdrawn under the Scheme from 1 July 2018.
Last modified: Sunday, July 21, 2019