Excess contributions and first home super saver scheme

You can contribute an amount up to your existing superannuation contribution caps into your super fund to save for your first home under the first home super saver (FHSS) scheme.

Your FHSS contributions will count towards your contribution caps for the year they were originally made. If you exceed your caps (even if you made contributions only for the purposes of requesting release under the FHSS scheme), it could mean that more tax is payable. This will be separate to any tax payable on the FHSS release amount.

Requesting a release under the FHSS scheme will not satisfy as a request for release for excess contributions’ purposes. Amounts released under the FHSS scheme do not alter the calculation of your concessional or non-concessional contributions for cap purposes. The FHSS scheme and the excess contributions regime operate separately.

We use information reported to us by super funds and in your income tax return to calculate if you have exceeded your concessional and / or non-concessional contributions cap in a financial year. If you contribute more than these caps, you may have to pay extra tax.

Note: Amounts that are not counted towards your concessional or non-concessional contribution caps are not eligible for release under the FHSS scheme.