If you wish to explore the following exert further please contact the office on 039846 6542 or email info@townshendassociates.com

From the ATO

You can start saving by entering into a salary sacrifice arrangement with your employer to make voluntary contributions or by making voluntary personal super contributions. You can contribute into any super fund, although contributions made to a defined benefit interest or a constitutionally protected fund will not be eligible to be released under the FHSS scheme. It is also possible to contribute into more than one fund.

Note: Some employers may not offer salary sacrifice arrangements to their employees.

Before you start saving you should:

  • check that your nominated super fund/s will release the money
  • ask your fund about any fees, charges and insurance implications that may apply
  • be aware that if you receive FHSS amounts, it will affect your tax for the year in which you make the request to release. You will receive a payment summary, and you will need to include both the assessable and tax-withheld amounts in your tax return.

If you want to be considered under the financial hardship provision then you should ask us to determine if these provisions apply to you before you start saving.

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