Question 1

What is the FHSS scheme?

Accepted Answer

The First Home Super Saver Scheme lets you save for your first home deposit inside your superannuation fund. You can contribute up to $15,000 per year ($50,000 total) via salary sacrifice. These contributions are taxed at 15% instead of your marginal rate, giving you a significant tax benefit.

Question 2

How much can I withdraw under FHSS?

Accepted Answer

You can withdraw up to $50,000 in eligible contributions plus deemed earnings. The withdrawal is taxed at your marginal rate minus a 30% offset. Most people end up with more money in their deposit fund than if they had saved in a regular bank account.

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