Withdrawing a Lump Sum

Please note: 

• Since 1 July 2018, eligible prospective first homebuyers are allowed to withdraw eligible voluntary superannuation contributions (and, an amount of associated earnings) that they have made to their superannuation account over the years for the purpose of purchasing or constructing their first home. This is known as the First Home Super Saver Scheme (FHSSS).
• The following amounts, subject to annual caps, are able to be withdrawn under the FHSSS scheme:
  • 100% of eligible personal non-concessional voluntary contributions, where no tax deduction has been claimed;
  • 85% of your eligible salary sacrifice contributions and personal voluntary concessional super contributions, where a tax deduction has been claimed.
• Using the FHSS scheme, you can contribute up to a maximum of $15,000 in any one financial year and up to a maximum of $50,000 across all years. 
• When money is withdrawn, amounts that were contributed as concessional contributions, and also associated earnings, are taxed at your marginal tax rate, including the Medicare Levy, less a 30% tax offset, while amounts withdrawn that comprise non-concessional contributions are tax-free.