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First Home Super Saver (FHSS) Scheme

The FHSS scheme was introduced to help individuals boost their deposit for a first home by using their super fund. The ruling from the ATO about exactly how the scheme works and what contributions are eligible/ ineligible is still to be finalised, so the information below may be subject to change. 

How it works

  • Eligible individuals can contribute up to $50,000 to super through salary sacrifice or personal contributions
  • Concessional contributions (salary sacrifice or personal contributions claimed as a tax deduction) are subject to 15% contributions tax
  • After 1 July 2018, the contributions and deemed earnings can be withdrawn and used as a deposit for a first home
  • The funds withdrawn are taxed at the contributor's marginal tax rate, less a 30% tax offset.

Who qualifies for the scheme?

There are some restrictions to help ensure help is only available to people genuinely saving for a first home. To qualify, participants need to:

  • Be aged 18 years or older;
  • Have not previously owned a home, including vacant land or investment properties (some hardship exceptions apply); and
  • Have not previously requested the release of contributions under the scheme. 
construction worker first home buyer

What contributions are eligible?

To be eligible for the scheme, contributions need to be:

  • Salary sacrifice contributions (not including Superannuation Guarantee payments made by an employer);
  • Voluntary contributions from after-tax pay (non-concessional contributions); or 
  • Voluntary contributions from after-tax pay for which a tax deduction is claimed (concessional contributions).
salary sacrifice online

What contributions are ineligible?

The following contributions are not eligible for withdrawal under the FHSS scheme:

  • SG contributions and amounts that reduce an employer's liability for the superannuation guarantee charge
  • amounts required to be made by an employer under an industrial agreement (such as an enterprise agreement or an award)
  • any contributions required to be paid under the Local Government Act (Qld) or Brighter Super's trust deed
  • member contributions made in respect of you by another person (such as a friend, spouse or other family member)
  • Government co-contributions
  • contributions that relate to structured settlements or orders for personal injuries
  • certain CGT-related payments to the extent they do not exceed your CGT cap amount when made
  • amounts paid due to a contributions splitting arrangement
  • excess concessional and non-concessional contributions

Your savings (the eligible contributions) plus associated earnings can be withdrawn to purchase a home from 1 July 2018. 

Queensland local government employees: Standard member contributions of 6% paid by eligible Queensland local government employees are not eligible for the scheme. 


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How much can I contribute?

Contributions are limited to $15,000 in any one financial year, and $50,000 in total.

You can read more about the FHSS scheme on the Australian Tax Office (ATO) website.

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