Limits apply to the amount you can contribute to super at concessional tax rates. Limits also apply to the amount you’re able to release under the scheme, so you should consider this before making any contributions to your account for the purpose of the FHSSS.
Contributions made under this scheme must be made within the existing concessional and non-concessional caps. You do not need to notify your fund that these contributions are being made for the purpose of this scheme, however it may be important to check with your fund whether or not they will accept a Release Authority from the ATO to release your funds under the FHSSS.
There are rules that restrict access to superannuation. It is important to remember that once you have made contributions to super (including voluntary contributions), you will have to satisfy certain requirements to be able to access this money again. If for example you decide not to purchase a home, you may not be able to access your money until you retire or meet certain other conditions.
We recommend speaking to a financial adviser and learning more at ato.gov.au.
How much can I have released?
You can apply to have a maximum of $15,000 of eligible voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. You will also receive an amount of associated earnings that relate to those contributions.
Up to 100% of eligible non-concessional contributions and 85% of eligible concessional contributions may be withdrawn from the scheme, up to the above limits.
The ATO will calculate the associated earnings on your voluntary contributions using a deemed rate of return which is based on the 90-day Bank Bill rate plus three percentage points (shortfall interest charge rate).