Proposed changes to legislation, if passed, will increase the flexibility of Australia's FHSA.
The FHSA account is a concessionally taxed vehicle to accumulate funds for the purchase of your first home.
(For further information on FHSAs please contact our office.)
Currently, if you purchase your first home before the fourth year, funds held in the FHSA will be rolled to super. It is proposed that the FHSA at the point of purchasing your home will become inactive to the end of the four year at which point the funds can then be contributed to your mortgage, not super.
