FHSSS Calculator — First Home Super Saver Scheme Australia
Calculate your First Home Super Saver Scheme (FHSSS) tax saving, total releasable amount, and effective deposit boost. Contribute up to $15,000 per year (max $50,000 total) into super as salary sacrifice, then withdraw for your first home deposit at a lower tax rate.
How the First Home Super Saver Scheme Works
The First Home Super Saver Scheme (FHSSS) allows first home buyers to make voluntary contributions to their super fund and then withdraw those contributions (plus earnings) to put toward their first home deposit. In 2026, you can contribute up to $15,000 of voluntary contributions per financial year under the scheme, and the maximum releasable amount across all years is $50,000 (increased from $30,000 in July 2022). Both concessional (pre-tax, salary sacrifice) and non-concessional (after-tax) contributions can be used, but concessional contributions offer the better tax benefit.
When you make a concessional FHSSS contribution, it is taxed at 15% inside super instead of your marginal income tax rate. For someone on the 32.5% tax bracket, that saves 17.5 cents per dollar. When you withdraw, the ATO calculates your releasable amount as the contributions plus associated earnings (calculated using a shortfall interest charge rate of approximately 6.29% for 2025-26), minus 30% tax withholding on the income. This 30% withholding is then reduced by a 30% tax offset — so effectively the withdrawal tax is your marginal rate minus 30%, which for most people is 2.5% to 17.5%.
FHSSS Eligibility Requirements
To use the FHSSS, you must: (1) be 18 or over at the time of first release request; (2) have never owned real property in Australia (with limited exceptions for hardship); (3) have not previously made an FHSSS release request; (4) intend to occupy the first home as your principal place of residence for at least 6 months in the first 12 months of ownership. Both members of a couple can each use the scheme for the same property, potentially combining up to $100,000 toward a deposit. You must apply for a first home super saver determination from the ATO before signing a contract to buy or build.
Comparing FHSSS to Regular Savings
The FHSSS is most effective for people in the 32.5% and 37% marginal tax brackets. Saving $15,000 per year via salary sacrifice into super versus saving from take-home pay: at 32.5% marginal rate, salary sacrifice costs $12,750 in pre-tax salary but provides $15,000 in super contributions (saving $2,250 in income tax each year). Over three years (full $50,000 cap), this generates approximately $6,750 in tax savings plus the super earnings, compared to accumulating the same amount outside super. The scheme does NOT affect your total super balance cap for non-concessional contributions — you can still make other non-concessional contributions in the same year.
Step-by-Step FHSSS Process
Step 1 — Make voluntary contributions each year up to $15,000 per year, notifying your fund these are FHSSS contributions. Step 2 — When ready to buy, request an FHSSS determination from the ATO via myGov. Step 3 — The ATO calculates your maximum releasable amount. Step 4 — After signing a contract (or building commencement), submit a release authority to your fund. Step 5 — The ATO withholds tax and pays you the net amount. You must occupy the home within 12 months of release. If you do not buy, the money can be recontributed to super or kept (but a 20% tax penalty applies if kept outside super).
Frequently Asked Questions
What is the maximum FHSSS withdrawal amount in 2026?
The maximum releasable amount is $50,000 of voluntary contributions (across all years), plus associated earnings. This was increased from $30,000 in July 2022. You can contribute up to $15,000 per financial year toward this cap.
What tax do I pay when I withdraw under the FHSSS?
The ATO withholds 30% tax from the assessable FHSSS released amount. However, you receive a 30% tax offset when you lodge your tax return — so the effective additional tax is your marginal rate minus 30%. For a person on the 32.5% tax bracket, the withdrawal tax is effectively 2.5%.
Can both members of a couple use the FHSSS for the same property?
Yes. Each person can release up to $50,000 of their own FHSSS contributions, meaning a couple could combine up to $100,000 toward a joint first home deposit, provided both individually meet the eligibility criteria.
Can I use non-concessional (after-tax) contributions for the FHSSS?
Yes, but the tax benefit is smaller since you already paid income tax on those funds. The key advantage of non-concessional FHSSS contributions is that the earnings inside super (taxed at 15%) still grow faster than a savings account for many people. Most financial planners recommend using salary sacrifice (concessional) contributions for maximum FHSSS benefit.
What happens if I do not buy a home after making an FHSSS withdrawal?
If you receive an FHSSS release but do not purchase or build within 12 months (with possible ATO extension), you can recontribute the amount to super or keep it. If you keep it outside super, you pay an additional 20% tax on the assessable portion — making it expensive not to follow through on a home purchase.
Does the FHSSS affect my First Home Owner Grant (FHOG) eligibility?
No. The FHSSS is a federal scheme operated by the ATO and is separate from state-based First Home Owner Grants. Using the FHSSS does not prevent you from also claiming your state FHOG, first home buyer stamp duty concessions, or the First Home Guarantee scheme.