Grear show!!! Valueable info , Question : with FHSS that 15k max that we can take out ,is that once in life time or is it once every year ? Meaning if i make a SS of $800 every payrun and i have contributed more than 15k , can i take our 15k in 1 fiscal year and rest in the nextfiscal year OR ca. I only get 15 once in life time ? Sorry for long question
I found this to be a very informative video. I did however want to flag a potential issue for people that my husband and I have come across with the scheme. If your employer pays your super quarterly, you will either need to stop salary sacrificing at the end of March or get them to process your last quarter in June before the end of the FY otherwise it will get attributed to the wrong financial year. My husband and I have essentially lost $11,000 (locked up until we retire) as we couldn't pull it out via this scheme as the last quarter was processed in July and both our super company and the ATO won't recognise that it was attributed to last financial year! I'd highly recommend you speak with an accountant (if you are planning to salary sacrifice & do personal contributions over multiple years) so you don't get stung like we did.
Sorry to read your situation. Hopefully $11,000 does not equate to a substantial difference in the outcome you were after. Personally I think it is better to not salary package and pay lump sum. It allows opportunity cost to be minimised and the security of savings on hand, then a tax credit within months of the deposit. You also have certainty of the personal contribution being made as wished. When the employer does salary sacrificing it often has admin charges and you give them the opportunity benefit along with exposing yourself to additional counter party risk if they go under.
Hey, thanks for explaining so well. Clarifying point. My undestanding is you cant drop money in and then ask for it. You need to apply for and qualify for the FHSS. I would not put a cent in until the ATO approves you for the scheme or you may find you money locked in til you retire.
Hi, If our tax return hasn't been processed yet are we able to utilise this scheme for the previous financial year through making an amendment or is there a grace period to get it organised? I have only just learnt about the scheme and would have benefited from getting the savings in to the super account in June of this year. Thanks!
@@m3.podcast you mentioned in the video at around 20:30 that when you put in money in your super as salary sacrifice or whatever you can just do that at anytime. So hypothetically if say the “scheme “ is removed and you have all this money you were putting in there and you now want to take it out, how will they know that these were contributions you were making towards your FHS “scheme”?
@@takualbert517 you would be likely deemed eligible if contributions were made at a time that the scheme was in place and you met the scheme criteria of that time. Grandfathering and records for evidence is common in much of tax law.
The average home deposit for a house is about $280k so with the cap it's not very realistic unless you're parents give you the rest. Even as a couple you wouldn't even have half the money. It'd probably take another 5 years to save the rest of you "really" saved.
I've watched this a month before end of financial year and you guys have saved me 4k. Thank you!!!
Great to hear!
These guys explained it so well. Hats off them.
I started cobunting last year
Thanks for letting me know 😊
This was so incredibly well-explained. Thank you guys!!
This is such an in depth video and answered all my questions. Great work guys!
Glad it was helpful!
This was the perfect example as I’m on $70k salary. Thanks!!
Perfect explanation! Cheers Glenny Lad
Great video. Just 'washed' my savings through superannuation in time for EOFY
Excellent! So good.
Grear show!!! Valueable info ,
Question : with FHSS that 15k max that we can take out ,is that once in life time or is it once every year ?
Meaning if i make a SS of $800 every payrun and i have contributed more than 15k , can i take our 15k in 1 fiscal year and rest in the nextfiscal year OR ca. I only get 15 once in life time ?
Sorry for long question
I found this to be a very informative video. I did however want to flag a potential issue for people that my husband and I have come across with the scheme. If your employer pays your super quarterly, you will either need to stop salary sacrificing at the end of March or get them to process your last quarter in June before the end of the FY otherwise it will get attributed to the wrong financial year. My husband and I have essentially lost $11,000 (locked up until we retire) as we couldn't pull it out via this scheme as the last quarter was processed in July and both our super company and the ATO won't recognise that it was attributed to last financial year! I'd highly recommend you speak with an accountant (if you are planning to salary sacrifice & do personal contributions over multiple years) so you don't get stung like we did.
Thanks for sharing! Always worth chatting with financial professionals for their advice, too.
We did, but no one mentioned it I'm afraid!
Sorry to read your situation.
Hopefully $11,000 does not equate to a substantial difference in the outcome you were after.
Personally I think it is better to not salary package and pay lump sum. It allows opportunity cost to be minimised and the security of savings on hand, then a tax credit within months of the deposit. You also have certainty of the personal contribution being made as wished. When the employer does salary sacrificing it often has admin charges and you give them the opportunity benefit along with exposing yourself to additional counter party risk if they go under.
Such a great video! Thank you!
Hey, thanks for explaining so well. Clarifying point. My undestanding is you cant drop money in and then ask for it. You need to apply for and qualify for the FHSS. I would not put a cent in until the ATO approves you for the scheme or you may find you money locked in til you retire.
and is this topic worth revisiting now the limit is raised to $50k and contributions $27.5k?
Definitely worth revisiting this - it's on our list!
Is this a national thing? I can only see it as worth $30k
@@embo001 effective as of July 1st 2022. See the FHSS ATO site.
What about the HECS/HELP remifications? According to the ATO website, the contributions may be used to offset any loans of the Commonwealth...
I suspect this is the case if you underpaid towards your compulsory repayments.
Absolutely fantastic video.
Great video. Just wondering if any advice on buying off the plan and using FHSS. We are about to sign contract but the house not ready for two years.
Check with your solicitor / conveyencor before you sign
Hi, If our tax return hasn't been processed yet are we able to utilise this scheme for the previous financial year through making an amendment or is there a grace period to get it organised? I have only just learnt about the scheme and would have benefited from getting the savings in to the super account in June of this year. Thanks!
Nope! Unfortunately
Hey guys! Great episode!
Do you know what would happen if you’ve deposited cash and the government decides to take the scheme away?
Usually governments honour schemes if they change so people who have committed are not disadvantaged. Risk is low imo
@@m3.podcast you mentioned in the video at around 20:30 that when you put in money in your super as salary sacrifice or whatever you can just do that at anytime. So hypothetically if say the “scheme “ is removed and you have all this money you were putting in there and you now want to take it out, how will they know that these were contributions you were making towards your FHS “scheme”?
@@takualbert517 you would be likely deemed eligible if contributions were made at a time that the scheme was in place and you met the scheme criteria of that time. Grandfathering and records for evidence is common in much of tax law.
The average home deposit for a house is about $280k so with the cap it's not very realistic unless you're parents give you the rest. Even as a couple you wouldn't even have half the money. It'd probably take another 5 years to save the rest of you "really" saved.
Thanks for sharing, great channel ! big like nr8!
Thanks for watching!
7:20 - Aged 60, not 65, isn't it?
Great work guys a much better job than the ATO they should use this video as a source
If you want to suggest that they should, go for it!
The best schemes are always poorly communicated…..