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calculating costs, homeowner, buying property, first home

With the average Sydney house price hovering above $1 million, housing affordability is a hot topic for young Australians who feel that owning a home is becoming further out of reach.

From 1 July 2018 onwards, under the first home super saver scheme (FHSSS) you can withdraw your voluntary contributions to put towards your home deposit

Types of contributions

The following types of contributions can be made towards the First Home Super Saver Scheme (FHSSS):

Voluntary concessional contributions
• These are made into your super account before tax and are then taxed at 15%.

Voluntary non-concessional contributions
• These are made into your super account from your after tax income.

Speak to your employer about setting up salary sacrifice (before tax) contributions directly from your pay. You can also make member voluntary (post tax) contributions under the same scheme.

The ATO’s in charge

It’s important to remember that the FHSSS will be administered by the ATO. That means the ATO will determine if you can withdraw the funds you’ve contributed to super for your home deposit.

The ATO is also responsible for calculating how much you’re entitled to withdraw. Club Plus Super will only release funds to you after we’ve received an authority from the ATO.

For more information, refer to the First Home ATO Super Saver Scheme Fact Sheet.

To work out how you can save with FHSSS, use our calculator.

We’re here to help. For assistance, call 1800 680 627 between 8am and 6pm, Monday to Friday AEST weekdays. Alternatively, you can submit an enquiry or discuss your options with your local Member Services Manager.

For personal financial advice, call us on 1800 680 627 and we can refer you to Club Plus Financial Planning*.

*Financial advice is available through Club Plus Financial Planning Pty Ltd (Club Plus Financial Planning), ABN 14 143 636 766, who is a Corporate Authorised Representative #367058 of Adviser Network Pty Ltd, ABN 25 056 310 699 (“Licensee”). The Licensee holds a current Australian Financial Services Licence #232729 and is responsible for the financial services provided to you. All Club Plus Financial Planning’s financial advisers are sub authorised representatives of the Licensee.