Video Series 5 of 5 – Increasing the maximum First Home Super Saver Scheme withdrawal from $30,000 to $50,000.
This one is for the 1st home buyers out there!
The FHSSS is a scheme that allows 1st home buyers to save part of their home purchase deposit in the concessional taxed super environment – this may be a big advantage for some!
The maximum FHSSS withdrawal amount will be increased from 1st July 2022 from the current limit of $30,000 (plus notional earnings, less tax) to $50,000 (plus notional earning, less tax). At time of this recording the notional earning rate is 3.07%.
I see how hard it is for 1st home buyers to save a 10-20% deposit for a home so this may be a way to start and plan early when you are 3-5 years away from possibly buying a property.
A great incentive to get your kids to start salary sacrificing at an early age and from their 1st job.
There are plenty of rules and can be read here on the ATO website: https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-sch…
Or, watch my video: https://www.youtube.com/channel/UCTFqFfDYU_9muZ_Xn6z5Nzw
Financial Planner & Managing Director
EK Financial Group