First Home Super Saver Scheme

The First Home Super Saver Scheme (FHSSS) was introduced by the government to deal with housing affordability and to help Australian’s get into the property market and buy their first home in Australia. The scheme allows participants to effectively lift their savings and build a property deposit within superannuation by giving them a tax benefit. First home buyers can make use of some of their contributions, made from 1 July 2017, for a deposit on their first house under the scheme. There have been some changes made to the scheme since it was first introduced so it is important to understand the current rules of the scheme including eligibility, contribution requirements, withdrawal requirements and some of the other limitations, before considering if it’s a suitable scheme to use.

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Bring Forward Contributions

The ability to bring-forward future year entitlements to make non-concessional contributions has been in place for many years now. Prior

Understanding super terminology

An individual’s Transfer Balance Cap (TBC) and Total Superannuation Balance (TSB) are calculated differently and are separate concepts. When the

Excess Concessional Contributions

The concessional contribution cap is $30,000 from 1 July 2024. With the ability to carry forward unused concessional contributions over

Excess Non-Concessional Contributions

The non-concessional contributions cap is $120,000 from 1 July 2024, however the ability to contribute to super is dependent on

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