POWERED BY MOMENTUM MEDIA
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.
Recommended for you
Governor Bullock took a more hawkish stance on Tuesday, raising concerns over Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
