Hey guys,
I’m still learning about the FHSSS and one thing I can’t understand is whether there is a tax benefit from getting employ to do the contribution vs me contributing the money in say May and declaring it on tax?
Can you please enlighten me?
First Home Super Saver Scheme advice
Red01 on 15/12/2022 - 09:29
Last edited 15/12/2022 - 11:18 by 1 other user
Last edited 15/12/2022 - 11:18 by 1 other user
Comments
Depending on how much you put in there’s up to 4K in tax savings roughly. Biggest risk I see is if next gov cans it
yeh i think after all the rigmarole my wife saved 2k, it was such a ballache to get the money back too
Block- promises the world, but delivers an atlas
That is such an amazing analogy of something terrible, I’ll have to use it
Thanks, that’s where I started but struggling to understand the concessional/non concessional contribution regarding tax.
I’d rather do a lump sum contribution but can’t find details on that there.the general rule is "concessional" = someone has claimed a tax deduction for it going in (your employer on your regular super, you in your tax return) and it gets taxed in the fund at 15% on the way in.
"non-concessional" = no deduction claimed outside the fund, no tax in the fund on the way in.
good luck!
Thanks, just found the “notice of intent to claim tax deduction “ form on ATO site
Can you please enlighten me?
A financial advisor or broker would be able to give you more info.
This scheme is so convoluted and restrictive that I didn't bother with it. Then you have the added risk of the government changing it possibly leaving your money trapped in super.
Is that the one where you get royally fisted when you realise it promises the world, but delivers an atlas?