First Home Super Saver Scheme (FHSSS)

FHSSS Super Saver advice

First Home Super Saver Scheme (FHSSS)

The First Home Super Saver Scheme (FHSSS) was introduced in the 2017-18 Australian Federal Budget, as a means to ease pressure on housing affordability.

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

Furthermore, from 1 July 2018 you are able to release these voluntary contributions along with associated earnings to help you purchase your first home.

You can only use these schemes where:

  • You either live in the premises you are buying or intend to as soon as practicable
  • You intend to live in the property for at least 6 months of the first 12 months you own it, after it is practical to move in


You can make the following existing types of contributions towards the FHSS scheme:

  • Voluntary concessional contributions – including salary sacrifice amounts or contributions for which a tax deduction has been claimed. These are claimed as a deduction and taxed at 15% by the superannuation fund.
  • Voluntary non-concessional contributions that you have made – these are made after tax or where a tax deduction has not been claimed.

    Please note where you are an employee of a company (or trust) the Superannuation Guarantee (SG) amounts paid by your company (or trust) cannot be directed towards your FHSSS savings.


You can check the balance of your super fund at any time to see how much you have saved. This will help you track the maximum amounts you can release.

When you are ready to receive your FHSS amounts, you need to apply to the Commissioner of Taxation for a FHSS determination and release. You can apply for a release from 1 July 2018.


The ATO will issue a release authority to your super fund and they will send the FHSS release amount to the ATO.

A payment summary will be sent to you at the end of the financial year detailing the amount you have released. You will need to include this amount in your tax return for the financial year you request for the release. There will be tax payable at your marginal rate on the FHSSS release amount and you will be able to receive a 30% tax offset on the amount.

If you would like any advice on how this relates to you and/or any assistance with accessing this scheme, please do not hesitate to contact Waterford Financial Services.