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  • Important changes to the First home super saver scheme

    On 5 April 2019 Treasury Laws Amendment (2019 Measures No. 1) Bill 2019External Link passed into law.

    Changes to the First home super saver (FHSS) scheme come into effect on 1 July 2019.

    However, these changes apply retrospectively to valid FHSS release requests and contracts entered into on or after 1 July 2018.

    The following changes are listed below.

    FHSS scheme before and after the law change

    Before the law change

    After the law change

    The FHSS scheme can be applied to buy your first home in any location.

    The FHSS scheme can be applied to buy your first home in Australia only.

    Before signing a contract to purchase or construct your home, you need to have :

    • requested and received a FHSS determination
    • requested a release of FHSS amounts from us
    • received your first FHSS amount.

    You can't sign a contract to purchase or construct your home until we've released a FHSS amount to you, or you may be liable to pay the FHSS tax.

    You must apply for and receive a FHSS determination from us before signing a contract for your first home or applying for the release of your FHSS amounts.

    You can sign a contract to purchase or construct your home either:

    • from the date you make a valid request to release your FHSS amounts
    • up to 14 days before you make a valid request to release your FHSS amounts.

    You no longer have to wait until the first FHSS amount is released to you to sign a contract to purchase or construct your home.

    You have 12 months from the date the first FHSS amount is released to you to do one of the following:

    • sign a contract to purchase or construct your home and notify us within 28 days of signing
    • recontribute the assessable FHSS amount (less tax withheld) into your super and notify us within 12 months of the FHSS amount(s) being released to you.
     

    You have 12 months from the date you make a valid release request to do one of the following:

    • sign a contract to purchase or construct your home and notify us within 28 days of signing
    • recontribute the assessable FHSS amount (less tax withheld) into your super and notify us within 12 months of the valid release request date.
     

    All other aspects of the FHSS scheme remain unchanged.

    See also:

      Last modified: 04 Jun 2019QC 59194