- Since 1 July 2018, eligible prospective first homebuyers are allowed to withdraw their voluntary superannuation contributions (and, an amount of associated earnings) for the purpose of purchasing or constructing their first home. This is known as the First Home Super Saver Scheme (FHSSS).
- These voluntary contributions, which must be made within existing superannuation contribution caps, include concessional (i.e. personal deductible contributions and salary sacrificed amounts) and non-concessional contributions.
- The amount available for withdrawal will be up to $15,000 of voluntary contributions per financial year since 1 July 2017 (up to a total of $30,000 across all years) plus associated earnings. When money is withdrawn, amounts that were contributed as concessional contributions, and also associated earnings, are taxed at your marginal tax rate, including the Medicare Levy, less a 30% tax offset, while amounts that comprise non-concessional contributions are tax-free.
Note that the 2021 Federal Budget has proposed increasing the maximum releasable amount of contributions under the FHSSS from $30,000 to $50,000 effective from 1 July 2022.