Withdrawing from Super

Withdrawing a Lump Sum

Please note: 

  • 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 $50,000 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 When money is withdrawn, amounts that were contributed as concessional contributions, and also associated earnings, are taxed at your marginal tax rate, including the Medicare Levy,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.