Greater flexibility to correct errors
On 11 May 2021, as part of the 2021–22 Federal Budget, the Australian Government announced it will make changes to the First Home Super Saver (FHSS) scheme to improve the operation of the scheme.
The changes will improve the experience for first home buyers accessing the scheme and will allow greater flexibility by:
- increasing the discretion of the Commissioner of Taxation to amend and revoke FHSS scheme requests
- allowing individuals to withdraw or amend their requests prior to them receiving a FHSS scheme amount, and allowing those who withdraw their request to re-apply for FHSS scheme releases in the future
- confirming the Commissioner can return the released FHSS scheme amounts to super funds, provided that the money has not yet been released to the individual
- clarifying that the money returned to super funds is treated as funds’ non-assessable non-exempt income and does not count towards the individual’s contribution caps.
The changes will come into effect from 15 September 2024, with some of the changes having retrospective application from 1 July 2018.
More information on the changes can be found by visiting:
- Treasury Laws Amendment (2023 Measures No. 3) Act 2023External Link
- 2021–22 Budget Paper No. 2External Link