The First Home Super Saver (FHSS) scheme allows individuals to save money for their first home through their super fund. This is to help first home buyers save faster with the concessional tax treatment of superannuation, and the FHSS tax offset, which reduces the amount of tax payable.
For FHSS determinations made from 1 July 2022, the amount of eligible contributions that can count towards the maximum releasable amount across all years increased from $30,000 to $50,000. The amount of eligible contributions that can count towards the FHSS maximum releasable amount for each financial year will remain at $15,000.
It’s important to remember, individuals must apply for and receive a FHSS determination before signing a contract on their first home, including purchases of vacant land. In most cases, once an individual signs a contract to purchase any property, they are no longer eligible to request a FHSS determination.
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