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Writer's pictureNyssa Gower

I want to buy my first home

Updated: Jul 24, 2023

Did you know that you can use your superfund account with an FHSSS option to help you save towards your first home (PPR)?



Piggy bank filled with a house and money


First Home Super Saver Scheme (FHSSS)

If you've never owned your own home (Principal Place of Residence - PPR) before, the government has expanded the FHSSS to allow you to:

  • Voluntarily contribute up to $15,000 per annum

  • Save up to $50,000 towards your first home (including profits made from your contributions)


How do I start contributing to my FHSSS?

  • Contact your Superfund to see if they offer FHSSS

  • Start making regular contributions to your Superfund's FHSSS

  • Make sure if you're claiming these contributions, you send your superfund your 'Notice of Intention to Claim' before proceeding to the next step

  • Log into your myGov account

  • ATO account > Super > Manage Super > First Home Saver

  • Advise the amount that you've contributed (you can't use your Employer Contributions) that is to be attributed to your FHSSS. This should pre-fill for you, but double check before submitting.


How do I get the money out?

  • Log into your myGov account

  • ATO account > Super > Manage Super > First Home Saver

  • Request an FHSS determination - this will show you on screen what you can withdraw straight away

  • Make a request to withdraw the money 15-20 days before signing any contracts

  • Notify the ATO via myGov within 28 days of signing a contract to purchase/construct your home


Am I taxed when the money comes out?

It depends.

  • Post-tax (non-concessional) contributions have no tax

  • Pre-tax (concessional) contributions you can withdraw up to 85%* of what you put in, this is added to your taxable income for the year with a 30% tax offset

  • The superfund will withhold some tax & pay to the ATO on your behalf when you withdraw the funds

  • A payment summary will be issued - make sure you give it to your all knowing accountant so it's not missed!


*(the amount less 15% contributions tax paid by your superfund)


Anything else?

  • This can be a great way to save some tax - pay 15% on the contribution but get a 30% offset on the withdraw

  • Can be a great way to save if you're not that great at it

  • Can also be a trap if you forget to fill out the form before you sign a contract to purchase your first home - but you'll have more money for when you retire!

  • You and your partner can do it individually and combine forces (provided neither of you have owned a PPR before)

  • You can do this even if your partner has owned a home before but you haven't

  • As always, check with your financial adviser to see if this is the best option for you


More information



Referrals



To discuss any of the above further, you can ring me on 4021 2801.


''No great goal was ever easily achieved"

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The information I have provided you is purely factual in nature and does not take account of your personal objectives, situation or needs. The information is objectively ascertainable and, therefore, does not constitute financial product advice. If you require personal advice you should consult an appropriately licensed or authorised financial adviser

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