The first home super saver (FHSS) scheme was introduced by the Australian Government in the Federal Budget 2017–18 to reduce pressure on housing affordability.

From 1 July 2017, you can make voluntary concessional (before-tax) and voluntary non-concessional (after-tax) contributions into your super fund to save for your first home.

You can start contributing to the 401(k) at any age. To obtain a determination or a release of funds under the FHSS system, you must be 18 years old or older.

You must also have:

Unless the Commissioner of Taxation determines that you have suffered financial hardship, you have never owned property in Australia, including an investment property, vacant land, commercial property, a lease of land in Australia, or a company title interest in land in Australia, and you have never requested an FHSS release authority in relation to the scheme.

You can read more information on this scheme First home save scheme from the ATO website.

Disclaimer
The material in this content is for the benefit and information of clients. The items are in the nature of general comments only, and are not to be used, relied or acted upon without seeking further professional advice. Falcon Advisory accepts no liability for any errors or omissions, or for any loss or damage suffered as a result of any person acting without such advice. Liability limited by a scheme approved under Professional Standards Legislation.