Hi First Home Buyers!
The Super Saver Scheme is an amazing way to get a boost for you home deposit. It simply allows you to save money for your deposit inside your Super Fund, therefore saving fast with the concessional tax treatment of superannuation!
We have had a few client recently withdrawing money from their Super for their First Home so we thought we could write up a process list if this is something you are interested in.
To to eligible:
- you must be over the age of 18
- never previously owned a property in Australia
- never previously requested the Commissioner to issue a First Home Super Saver release authority in relation to this scheme
The types of contributions that can be made into your super for the FHSS are:
- voluntary concessional contributions
- voluntary non-concessional contributions that you have made
The process you will go through when you are ready to make a withdraw:
- You will need to contact your Superfund and they will have to give you evidence (probably a statement) about how much you are eligible for
- THEN you will need to provide these details to the ATO by submitting a Determination Request through your MyGov account
- After this is submitted , the ATO will then do their calculations and will get back to you with what your maximum withdraw can be
- Once you have said YES to the release, it HAS to be done – they will send you a contract and you have 12 months to sign it and you MUST notify the ATO when you have signed it
- The ATO will then send a request to your Superfund for the funds – once they have received the funds they will check it all and transfer it into your account!
Here is the link to the ATO website with more information: https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/First-Home-Super-Saver-Scheme/