First Home Super Saver Scheme (FHSSS)
Super SA Select and Flexible Rollover Product members only
Looking to buy your first home?
The Government will help Australians boost their savings for their first home by allowing them to build a deposit inside superannuation. This scheme may help first home buyers save faster due to the concessional tax treatment within super.
Who can apply?
From 1 July 2018, Super SA Select members and Flexible Rollover Product investors can apply to release voluntary contributions (salary sacrifice or after tax) made from 1 July 2017, along with associated earnings, to help purchase their first home. Applicants must also be over the age of 18 and have not owned a property within Australia before. Due to the special tax status, members within other Super SA schemes (e.g. Triple S) are unable to take advantage of the First Home Super Saver Scheme.
How do you apply?
The Scheme is managed by the ATO and eligible contributions made from 1 July 2017 onwards could count and potentially be withdrawn from 1 July 2018. However, applicants must apply to the ATO before the purchase of a property.
Want to know more?
Eligibility criteria and further information is available on the ATO website here.