Changes to the First Home Super Saver Scheme (Oct 24 Tax Update)

Relevant For:

First-time home buyers looking to use their super savings to purchase or build a home.

Key Points:

• Government improves flexibility for first-time buyers using the First Home Super Saver Scheme (FHSSS).
• Withdraw up to $50,000 in voluntary super contributions.
• Eligibility expanded for applications and amending existing requests.
• Changes apply from 15 September 2024, with the ATO re-evaluating earlier unsuccessful applications.
• Tax benefits possible through salary-sacrifice or personal deductible contributions.
• Process involves ATO determination and notifying them of the home purchase.

Full Article:

In welcome news for first-time home buyers, the government has