Glossary · Australian property
First Home Super Saver Scheme (FHSS).
Lets first home buyers contribute up to $15,000/year ($50,000 total per person) to super at the 15% concessional rate, then withdraw it as deposit.
The First Home Super Saver Scheme allows eligible first home buyers to make voluntary contributions into superannuation, taxed at 15% (concessional rate) instead of marginal tax rate, then withdraw the contributions plus deemed earnings to use as deposit.
Maximum contributions: $15,000 per financial year, $50,000 total per person. A couple contributing the maximum gets up to $100,000 in deposit.
The tax saving depends on marginal rate: at 37% marginal, the FHSS rate (15%) saves 22 percentage points. On a $50,000 contribution that's roughly $11,000 of net benefit before earnings.
The withdrawal process takes ~6 weeks from request, so it's not suitable for buyers within 12 weeks of purchasing.
Source
Income Tax Assessment Act 1997 (Cth) s292-90, ATO administration.
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