How does it work?
Since 1 July 2017, you can make voluntary contributions to your Super before or after tax. You can take it out up to $30,000 for your concessional and non concessional contributions after 1 July 2018. The amount you take out has to be contributed by yourself specific for buying your first home after 1 July 2017.
The purpose of this scheme is to help Australians save faster for their first home, simply because you can have a concessional tax rate up to $25,000 for voluntary contribution every year. Please be aware that you can release up to 85% of your concessional contribution, not 100%.
How to Start
A few things you should double check before you start:
Now everything is ready, you can make voluntary personal contributions by entering into a salary sacrifice arrangement with your employer.
If you want to know more about how to use your money effectively to buy your first home, get in contact with our team today.
You must apply for and receive a FHSS determination from ATO before signing a contract for your first home or applying for release of your FHSS amounts.