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  • First Home Super Saver Scheme – increasing the maximum releasable amount to $50,000 and technical amendments

    On 11 May 2021, as part of the 2021–22 federal Budget, the Australian Government announced it will improve the operation of the First Home Super Saver (FHSS) scheme and increase the maximum releasable amount up to $50,000. These measures are not yet law.

    Increase the maximum releasable amount

    From 1 July 2022, eligible individuals will be able to release up to $50,000 (currently $30,000) under the scheme to assist with the purchase of their first home. Voluntary contributions made from 1 July 2017 can count towards the total amount released.

    Greater flexibility to correct errors

    Additional changes will improve the experience for first home buyers accessing the scheme. The changes will allow greater flexibility by:

    • increasing the discretion of the Commissioner of Taxation to amend and revoke FHSSS applications
    • allowing individuals to withdraw or amend their applications prior to them receiving a FHSSS amount, and allowing those who withdraw to re-apply for FHSSS releases in the future
    • allowing the Commissioner to return the released FHSSS money to super funds, provided that the money has not yet been released to the individual
    • clarifying that the money returned to super funds is treated as funds’ non-assessable non-exempt income and does not count towards the individual’s contribution caps.

    The amendments are expected to come into effect from 1 July 2022, with retrospective application from 1 July 2018.

    See also:

      Last modified: 11 May 2021QC 65635