FHSS housing scheme increases limit to $50k

1 March 2022
| By Laura Dew |
image
image
expand image

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.

 

 

 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

2 hours ago

Deglobalisation is emerging as a major driver of infrastructure debt opportunities as regions onshore vital industries, a superannuation fund-owned manager has said....

2 hours 43 minutes ago

Australian superannuation funds are grappling with heightened global instability, as US policy shifts create a volatile backdrop for investment strategies....

2 hours 45 minutes ago

TOP PERFORMING FUNDS