How much can I release under the First Home Super Saver Scheme?

You can apply to release up to $15,000 of eligible voluntary contributions from any one financial year and up to $50,000 in total eligible contributions, plus associated deemed earnings calculated by the ATO.

Can I request more than one FHSS determination?

Yes. You can request FHSS determinations on more than one occasion. The key practical limit is usually on release requests, which are generally one-time.

Is money released under FHSS taxed, and what if withholding defaults?

The assessable released amount, generally concessional contributions and associated earnings, is taxed at your marginal tax rate less a 30% tax offset. Non-concessional contributions are not taxed again on release. If the ATO cannot estimate your expected marginal rate, withholding can default to 17% until final tax return reconciliation.

First Home Super Saver Scheme: How It Works and What It Costs You

Q: Are employer Superannuation Guarantee contributions eligible for FHSS?

No. Compulsory employer Superannuation Guarantee contributions are not eligible. The scheme applies to voluntary concessional contributions such as salary sacrifice or personal deductible contributions, and voluntary non-concessional contributions.

General information only. This article is educational and factual. It is not financial product advice, personal financial advice, tax advice, or a recommendation to make contributions, withdraw super, buy property, or use any particular strategy. SuperCalc Pro does not hold an Australian Financial Services Licence. Seek advice from a licensed financial adviser, registered tax agent, or accountant before acting on your own circumstances.

The First Home Super Saver Scheme, usually shortened to FHSS, lets eligible first home buyers save part of a home deposit through super. It does not let you withdraw compulsory employer super. It lets you withdraw certain voluntary contributions, plus an amount of deemed earnings calculated by the ATO.

The idea is simple: concessional contributions are usually taxed at 15% inside super rather than at your marginal tax rate. For many workers that creates a tax advantage while saving. The catch is that the money moves through the super system, so contribution caps, release rules, timing, and the lost retirement compounding all matter.

How the SMSF Suite helps: The FHSS calculator lets you model voluntary concessional and non-concessional contributions, estimate the releasable amount, and see the tax treatment on release. Use it to compare the deposit boost against the long-term effect of taking money out of super. Open the SMSF Suite

What the FHSS scheme actually does

FHSS does not turn your whole super balance into a house deposit. It is much narrower than that. You make voluntary contributions into super, later apply to the ATO for an FHSS determination, and if eligible you can release the allowed amount to help buy a first home.

The scheme can apply to voluntary concessional contributions, such as salary sacrifice or personal deductible contributions, and voluntary non-concessional contributions made from after-tax money. Compulsory employer Superannuation Guarantee contributions are not eligible. If your employer contributes 12% SG, that money stays in super and cannot be released under FHSS.

Key FHSS numbers:

Up to $15,000 of eligible voluntary contributions from any one financial year can count.
Up to $50,000 of eligible voluntary contributions can count in total.
Eligible concessional contributions are released at 85% of the contributed amount because 15% contributions tax has already been paid inside super.
Eligible non-concessional contributions are released at 100% because they were made from after-tax money.
The ATO also adds associated earnings, calculated using a deemed rate (generally based on the 90-day Bank Bill rate plus 3 percentage points), not your fund's actual investment return.

Contents

What the FHSS scheme actually does