First Home Super Saver Scheme (FHSSS)

Since 1 July 2018, eligible prospective first homebuyers are allowed to withdraw their voluntary superannuation contributions* and, an amount of associated earnings to assist with the purchase or construction of their first home. Importantly, to apply to withdraw these funds, a determination and release request needs to be made to the ATO.

Under the FHSS scheme, you can contribute up to a maximum of $15,000 in any one financial year and up to a maximum of $50,000 across all years. Takin into account annual and overall limits, you can withdraw:

• 100% of your eligible personal voluntary non-concessional contributions 
• 85% of your eligible salary sacrifice contributions (concessional contributions)
• 85% of eligible personal concessional contributions 

You will also be able to access an amount of associated earnings on both concessional and non-concessional contributions^. Tax is payable on the associated earnings and concessional contributions portion of the withdrawal (taxed at marginal tax rates, including the Medicare Levy, less a 30% tax offset).

^Deemed rate of return i.e. 90-day Bank Bill rate plus three percentage points (shortfall interest charge rate).