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Things to know about the First Home Super Saver Scheme

Individuals looking to buy their first home may claim up to $30,000 of their super contributions through the First Home Super Saver (FHSS) Scheme, which aims to reduce pressure on housing affordability.

The scheme allows first home buyers to save money within their superannuation fund and accumulate faster savings with the concessional tax treatment of super. Eligible individuals who are able to use up to $15,000 of voluntary contributions per year, and a total of $30,000 contributions across all years. The FHHS amounts received will affect your tax for the year it is released to you; both the assessable and tax-withheld amounts from your FHSS payment will need to be included in your tax return.

The types of contributions eligible to go towards the FHHS scheme are voluntary concessional contributions and voluntary non-concessional contributions. Contributions can be made up to your existing contributions cap.

To be eligible for the scheme, individuals must:

Individuals experiencing financial hardship may also apply for the scheme even if they have already purchased property in the past if their financial hardship has resulted in a loss of property interest. This may be applicable to individuals who have experienced events such as:

Posted on 4 May '20 by , under Super.

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Spouse contributions – when are you eligible for a tax offset?

Contributions made on behalf of your spouse to a complying superannuation fund or a retirement savings account (RSA) may be eligible for a tax offset.

The 2019/2020 tax rules allow you to claim an 18% tax offset on super contributions up to $3,000 on behalf of your spouse. While you are able to contribute more than $3,000, there will be no spouse contribution tax offset over this amount. The amount you can claim depends on your spouse's annual income:

  • $540 for spouse income of $37,000.
  • $360 for spouse income of $38,000.
  • $180 for spouse income of $39,000.

The tax offset may be available for individuals who meet the following eligibility requirements:

  • Your spouse's assessable income, fringe benefits amounts and employer superannuation contributions equate to under $40,000.
  • Contributions made on behalf of your spouse were not deductible to you.
  • You and your spouse were Australian residents at the time of contributions.
  • Your spouse did not have non-concessional contributions that equated to a higher amount than their non-concessional contributions cap, or they did not have a total superannuation balance of $1.6 million or more at 30 June 2018.
  • Your spouse is younger than their preservation age, or are not retired while being between 65 and their preservation age.

Under Australian superannuation law, your spouse can be either:

  • Your partner who you are married to and live with, or;
  • Your de facto partner, who you live with on a genuine domestic basis.

The spouse contributions tax offset can be claimed on your tax return.

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