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FHSS housing scheme increases limit to $50k
Changes to the First Home Super Saver Scheme (FHSS) will come into force from 1 July, 2022, allowing people to increase the amount of eligible contributions.
According to the Australian Taxation Office, the amount of eligible contributions that could count towards the maximum releasable amount across all years would increase from $30,000 to $50,000 per person.
The amount of eligible contributions that could count towards the FHSS maximum releasable amount for each financial year would remain at $15,000.
It would apply to requests for FHSS determinations made from 1 July, 2022.
If a person requested a FHSS determination before that date and made a FHSS release request in relation to that determination, they could not make any further requests under the scheme to receive the difference between the two limits.
The FHSS allowed people to save money for their first home inside of their super fund which the Government hoped would allow them to save faster thanks to the concessional tax treatment applied to super.
AUTHOR
Laura Dew
Laura Dew is editor at Super Review. Prior to joining SR, she spent five years working at Investment Week in the UK covering asset and wealth management.
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