- April 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Requesting Withdrawal from Super for First Home Super Saver Scheme
Hello!
I am in the process of requesting a withdrawal from my super for the First Home Super Saver scheme. This withdrawal will push me into the next threshold for the private health insurance rebate. As a result, when I file my tax return for this year, the Australian Taxation Office (ATO) will likely notice that I have claimed the wrong tier of private health insurance rebate, as the FHSSS withdrawal counts as additional income for the year.
This situation raises concerns about potentially owing money to the ATO once my tax return is lodged in a few months.
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****** just grabbed a
Wait, withdrawals from the FHSS count towards income?
Well now i’m fcuked for this year’s tax.
Assessable income for private health rebate does NOT include released first home super saver amounts https://www.ato.gov.au/individuals-and-families/medicare-and-private-health-insurance/private-health-insurance-rebate/private-health-insurance-rebate-eligibility#ato-Incomeforsurchargepurposes
(The logic is that assessable income does include reportable super contributions … so that money got counted on the way in, wouldn’t be fair to count it on the way out too.)
But yeah, if that was wrong/different, you’d just owe the difference between the rebate you got and what you should’ve got.
That doesnt seem correct.