Australia First Home Super Saver Calculator 2024-25
Calculate your FHSS tax advantage. Voluntary contributions taxed 15% in super vs your marginal rate. Withdrawal taxed at marginal rate minus 30% offset. Up to $50,000.
A$
A$
Before-tax (concessional) β taxed at 15% in super Max 5 years to reach $50K cap
Expected annual return inside super
Salary:
A$0
Deposit Available (after withdrawal tax)
A$0
Total Tax Saving vs Regular Saving
0%
Your Marginal Tax Rate
0%
Effective Withdrawal Tax Rate
FHSS Calculation
How the FHSS Scheme Saves Tax
The FHSS scheme exploits the difference between your marginal tax rate and the 15% super contributions tax. By routing your home deposit savings through super, you pay far less tax on the income used to save.
FHSS vs Regular Savings Formula
Regular savings path: Income taxed at marginal rate β save after-tax amount
FHSS path: Contribute before-tax β taxed at 15% in super β withdraw at marginal rate β 30%
Net tax on contribution (FHSS): 15% contributions tax
Net tax on withdrawal: marginal rate β 30% offset
Total FHSS effective rate β 15% + (marginal β 30%)
FHSS path: Contribute before-tax β taxed at 15% in super β withdraw at marginal rate β 30%
Net tax on contribution (FHSS): 15% contributions tax
Net tax on withdrawal: marginal rate β 30% offset
Total FHSS effective rate β 15% + (marginal β 30%)
Example: A$90K salary, A$15K/year for 3 years
Contributions (3 Γ $15K = $45K) taxed at 15% in super = $6,750 contributions tax
Withdrawal ($45K + earnings) taxed at 32.5% β 30% = 2.5% effective rate
Regular savings alternative: $45K gross β income taxed at 32.5% first
Tax saving: significant boost to deposit available
Withdrawal ($45K + earnings) taxed at 32.5% β 30% = 2.5% effective rate
Regular savings alternative: $45K gross β income taxed at 32.5% first
Tax saving: significant boost to deposit available
Extended
FHSS vs Regular Savings Comparison
Year-by-year comparison of FHSS savings vs saving in a regular bank account over 1β5 years
Year-by-year comparison: FHSS deposit vs saving the same gross amount in a high-interest savings account (interest taxed at marginal rate).
High-interest savings account rate
| Year | FHSS Gross Contrib | FHSS Super Balance | FHSS After-Tax Deposit | Regular Savings After-Tax | FHSS Advantage |
|---|
Frequently Asked Questions
How does the First Home Super Saver Scheme work?
The FHSS scheme allows first home buyers to make voluntary super contributions (up to $15,000/year, maximum $50,000 total) and then withdraw those contributions β plus associated earnings β to use as a home deposit. The tax advantage comes from the fact that contributions are taxed at 15% inside super, compared to your marginal rate of up to 45% outside. When you withdraw, you pay tax at your marginal rate minus a 30% offset, so the effective rate on withdrawal is still much lower than your marginal rate.
What is the maximum I can save through FHSS?
You can contribute up to $15,000 per financial year and a lifetime maximum of $50,000 in voluntary concessional (before-tax) contributions. Additionally, voluntary non-concessional (after-tax) contributions of up to $15,000/year and $50,000 total can also be included. This calculator focuses on concessional contributions. With $50,000 contributed, you can withdraw up to $50,000 plus associated earnings (calculated using the ATO's 3% shortfall interest charge rate as a proxy).
How is FHSS withdrawal taxed?
FHSS withdrawals are included in your assessable income in the year of withdrawal but are taxed at your marginal rate minus a 30% tax offset. For example, if your marginal rate is 32.5%, your effective FHSS withdrawal tax rate is 32.5% β 30% = 2.5%. At a 37% marginal rate, the effective rate is 7%. At 45%, it is 15%. This is dramatically lower than saving outside of super where you would have already paid tax at your full marginal rate on the income used to save.
Who is eligible for the FHSS scheme?
You must: (1) be a first home buyer (never owned property in Australia before β some exceptions apply for those who have suffered financial hardship); (2) be over 18; (3) intend to live in the property for at least 6 months within the first 12 months of ownership; (4) apply for FHSS determination before signing a contract; (5) withdraw within 12 months of requesting the determination (with possible extensions). Each person in a couple can independently use the scheme, potentially doubling the deposit.
What happens to FHSS savings if I do not buy a home?
If you receive an FHSS determination but do not buy a home within 12 months, you can request up to two 12-month extensions. If you still do not buy, you can either recontribute the funds back into super (keeping the contribution count) or keep the withdrawal β in which case you pay tax on it at your marginal rate plus a 20% surcharge (with no 30% offset). The funds generally cannot be kept outside super tax-free. This makes the scheme specifically advantageous only if you are committed to buying.