Considering Your First Home? Explore the FHSS Scheme

The First Home Super Saver (FHSS) scheme allows you to make voluntary contributions to your super fund to assist in saving for your first home. Here are the key details:

• Tax Benefits: Concessional contributions are taxed at just 15%, and you can withdraw up to $15,000 per year (up to a total of $50,000) plus associated earnings.
• Eligibility: This scheme is available to first home buyers, including those who are not Australian citizens or residents. Couples and friends can pool their contributions to purchase the same property.
• Conditions: It is essential to request a FHSS determination before the transfer of property ownership. Additionally, you must occupy the home for at least 6 of the first 12 months after purchase.

Please note that the FHSS scheme may not be suitable for everyone. We encourage you to review the eligibility criteria and conditions before proceeding.

For more information and resources, please visit the ATO website or contact us for tailored advice.

 

 

All information was collated with the aid of ChatGPT.