The First Home Super Saver (FHSS) scheme which allows individuals to make voluntary concessional and non-concessional contributions to super to save for their first home from 1 July 2017. The contributions can then be released from super, along with associated earnings, to help purchase a first home, from 1 July 2018. A maximum of $15,000 of voluntary contributions from any one financial year included in an individual’s eligible contributions can be released under the FHSS scheme, up to a total of $30,000 contributions across all years.
There are eligibility requirements to be met to access the scheme, generally involving having never owned property in Australia and intending to live in the property being purchased. There is also provision for individuals who have suffered financial hardship that resulted in the loss of a property to access the scheme.
To find out more about how to withdraw funds out of the super and learn about the specific guidance on the ordering rules which apply for the release of contribution, come and talk to us Tax Ideas Accountants & Advisers…https://taxideas.com.au/booking/ Tel: (02) 8318 1545