From 1 July 2022, fund members may be able to release up to $50,000 in eligible super contributions, plus associated earnings, to help buy their first home with the first home super saver (FHSS) scheme.
The amount of eligible contributions that can count towards the maximum releasable amount from each financial year will remain at $15,000.
Your members can release eligible super contributions and associated earnings if they are 18 years and over, and have received a FHSS determination, or release of amounts under the scheme.
They must not have:
- held property in Australia
- previously made a FHSS release request under the FHSS scheme.
If a member requests a FHSS determination before 1 July 2022, and makes a FHSS release request in relation to that determination, they are no longer eligible for the scheme. They can’t make any further requests using the FHSS scheme to receive the difference between the $30,000 and $50,000 limits.
reference: Changes to the First home super saver scheme | Australian Taxation Office (ato.gov.au)
