In the period from 1 July 2018 to 6 August 2018 taxpayers have made 1,449 requests to the ATO under the first home super saver scheme, FHSS.
First Home Saver Scheme
What is the First Home Super Saver Scheme?
The First Home Super Saver Scheme (FHSSS) is intended to assist individuals entering the property market by allowing them to save on tax and receive higher earnings than if the money was invested in a bank account.
First Home Saver Scheme withdrawals from 1 July
The legislation to implement the First Home Saver Scheme, which permits individuals to withdraw (up to certain limits) the amount of their voluntary superannuation contributions plus associated earnings for the purpose of purchasing their first home, was enacted in December 2017 and will apply from 1 July 2018.
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