Adviser Update

AMG Super Adviser Update – FHSSS

First Home Super Saver Scheme

In May 2017, the Government announced that from 1 July 2018 eligible individuals will be able to apply to withdraw voluntary contributions made to super after 1 July 2017 for a first home. The introduction of the First Home Super Saver Scheme (FHSSS) represents an opportunity for first home buyers, to save towards a first home in the concessionally taxed superannuation environment.
Eligible Australians can apply for a release of voluntary superannuation contributions of up to $15,000 in any single financial year, and a maximum of $30,000 over the life of the scheme.
Voluntary contributions include:

  • undeducted (non-concessional) personal contributions
  • deducted (concessional) personal contributions
  • salary sacrifice contributions.

The FHSSS maximum release amount is the sum of your eligible contributions and associated earnings. This amount includes:

  • 100% of eligible non-concessional contributions
  • 85% of eligible concessional contributions
  • associated are earnings calculated on these contributions using a deemed rate of return – this is based on the 90-day Bank Bill rate plus three percentage points (shortfall interest charge rate).

AMG Super is equipped to receive contributions for the FHSSS. The method for making contributions for the FHSSS is the same as the regular contribution process and they will not be marked specifically as FHSSS contributions. Eligibility to withdraw your contributions for FHSSS and the amount available will be determined by the ATO. From 1 July 2018, members can apply directly to the ATO for the release of contributions under FHSSS.

For more detailed information on the FHSSS, including eligibility criteria, please visit the ATO website,

While the FHSSS could be a great tool to help individuals save for their first home, it is also the perfect opportunity for you as an adviser to engage potential clients to look at their Super.
To assist with starting the discussion, AMG have put together a templated marketing email. If you would like a copy or to discuss other ideas around building your Super business, please contact Terry Constable, Senior Business Development Manager, or 07 3228 2632.

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PO Box 3528, Tingalpa DC, QLD 4173

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