We found ourselves recently explain one topic too much – The first home super saver scheme (FHSSS). It is the best that it is put down in the following order for you to start taking actions and take advantage of it.
- Understand if you are eligible. Go to this page and have a brief read by clicking here.
- Call your superannuation TODAY and ask them if they can assist you with this scheme and how to process it.
- Fill any forms, declarations, open a special account etc to get it approved and ready.
- Call your superannuation to find out how much superannuation contribution has been made already for the current financial year. You can also download / ask for the entire financial year transactions and do a simple calculation for it. Estimate what will happen in June according to the historical pattern and give a total estimated superannuation contributed amount in this year.
- Take the above amount from step 4 from $25,000.
- Check what you can afford to put into your superannuation fund from your home deposit saving.
- What you are going to put into your super is the lesser of step 5 and step 6. Round the figure down a little.
- Call your superannuation and ask them “I would like to put $xxxx(from step 7) to my First Home Saver Account and claim a tax deduction on my personal tax returns. What should I do now?”
- Ensure you understand everything happened so far. Follow the advice on step 8 to transfer your fund to super.
That is how you do it practically 😊 You should do it now, i.e. early June. If you do it too late, you may miss it out this year.
*This is a general comment and does not form any advice nor consider your objectives, financial situation or needs. You should consider whether the article is suitable for you and your personal circumstances.