The FHSSS allows an eligible individual to withdraw a maximum of $50,000 of voluntary contributions (plus associated earnings/less tax) from their super fund to fund the deposit of a new home.
The maximum amount of contributions that an individual can make each year that can count towards the FHSSS is $15,000 p.a. so for an individual considering saving using the FHSSS, there may still be time to make a voluntary contribution before 30 June 2023, as it now takes at least four years of voluntary contributions, to reach the $50,000 limit.
Contributions made will count towards the individuals CC or NCC cap.
Note: Before accessing benefits under the FHSSS, members need to apply to the ATO and must receive a determination letter from the ATO specifying the amount that can be released.
Disclaimer and Warning
The information above is of a general nature only. It should not be used as a source to make financial decisions. It’s also important to note that the legislation and figures related to this topic tend to change regularly and therefore the information above may not reflect the current status. We recommend that if you are looking for advice on this matter, you should contact us.