The First Home Super Saver (FHSS) scheme provides an opportunity for your eligible members to save for their first home through the super system in a tax-effective way.
Under the scheme, members can:
- make voluntary contributions to their super, including through a SMSF
- withdraw up to $15,000 of eligible contributions from a single financial year, up to a total of $50,000
- receive associated earnings calculated using a deemed rate set by the ATO
- benefit from concessional tax treatment, including a 30% tax offset on eligible FHSS amounts
- combine FHSS savings with an eligible partner when buying a home together.
For more information, visit ato.gov.au and search for the first home super saver scheme.
Stay up to date by visiting our SMSF newsroom and subscribingExternal Link to our monthly newsletter.