Part of the 2017 Federal Budget was to enable first home buyers to use some superannuation savings towards purchasing a house. This proposal was legislated on 13 December 2017 so is now law.
What is the FHSS scheme?
From 1 July 2018, first home buyers will be able withdraw up to $30,000 voluntary super contributions (made since 1 July 2017) and their deemed earnings to use towards a house deposit. This makes saving more tax effective and potentially attracts a higher rate of interest.
How can I access the FHSS?
If eligible to withdraw money under FHSS, you need to complete an ATO application after 1 July 2018.
Once the withdrawal is made, you have twelve months to sign a contract to purchase or construct a home. Otherwise, a tax penalty will apply.
What do I do now?
If you are looking to buy or build your first home, read our fact sheet to learn more about the FHSS scheme. Assuming you meet the eligibility terms, you can then make additional contributions to your super in the usual way to put towards a house deposit after July 2018.
Of course, AvSuper Member Advice Consultants are happy to discuss this scheme with you and assist you in making the additional contributions.
AvSuper wishes all members and employers a very Merry Christmas and a safe and prosperous 2018.
While we will be closing the office over the holiday period, you can leave messages via AvChat, voicemail or email. We will monitor messages and reply to them all when the office reopens in January.
The office will be closed between 10.30 am Thursday 21 December 2017 and 9.00 am Thursday 4 January.
AvSuper is pleased to announce the appointment of Frontier Advisors as the Fund’s primary investment consultant, effective 1 January 2018.
The appointment followed a comprehensive tender review process conducted by KPMG.
Frontier Advisors is Australia’s leading independent asset consultant. They have been successfully advising Australian institutional investors for over two decades. With some of the nation’s leading analysts and advisors in their team, they provide advice to institutional investors who collectively manage more than $265B in assets across the superannuation, charity, public sector and higher education sectors.
We just wanted to let you know that AvSuper has just won the Selecting Super Consumer Choice Award!
For those of you who voted for us, thank you! We appreciate your support and your faith in us.
Some AvSuper Directors and I were present at the Selecting Super awards ceremony to receive the award on your behalf.
I would like to also thank the dedicated AvSuper staff who work so hard to provide high quality, personalised service to our members, which made this result possible.
Michelle Wade CEO