FHSS Calculator

Enter the Contribution Records

This FHSS calculator estimates a client’s releasable contributions, associated earnings and deposit funds after withholding. Enter individual contribution records across all funds. The account’s total balance includes amounts outside the first home super saver scheme.

Use fund transaction records and contribution dates, payroll salary-sacrifice records and acknowledged notices of intent to claim personal deductions. Enter salary sacrifice separately from personal deductible and personal non-concessional contributions.

Mark amounts you establish are ineligible as excluded. These can include mandatory employer contributions, excess contributions and contributions made by someone else. The calculator records that exclusion without using the amount in the release.

Estimate Releasable Contributions

The statutory FHSS calculation counts up to $15,000 of eligible contributions per financial year and $50,000 overall. Those limits apply before the release proportions. The release includes 85% of counted concessional contributions and 100% of counted non-concessional contributions.

Earlier contributions count first. At the same time, non-concessional contributions count before concessional contributions. Within each year’s personal contributions, the calculator assigns the non-concessional portion to the earliest personal amounts, as the ordering rule requires.

The reconciliation shows the counted amount before proportions and the releasable amount by category. The final column combines amounts capped out and amounts you excluded. Separate totals identify those two reasons, and the year summary reconciles the release across income years.

Associated Earnings in the Release

Associated earnings use the ATO’s published shortfall interest charge rates. The estimate supports contribution months from July 2024 and determination dates through December 2026. Select Determination to use an existing determination’s earnings for any other period.

The model compounds daily from the first day of each contribution month through the determination date, including both days. It divides the quarter’s annual rate by the calendar year’s day count. Each contribution’s earnings round down to whole dollars before they are added together.

These deemed earnings differ from the fund’s investment return. Changing to Determination replaces the earnings estimate in the gross release, assessable release and withholding calculation. Keep the contribution records unchanged when comparing those two earnings amounts.

Release Tax and the Net Amount

The assessable release includes releasable concessional contributions and earnings from both categories. Non-concessional contributions remain outside that assessable component. The FHSS tax offset is 30% of the assessable amount and is non-refundable.

For the income-based estimate, the calculator adds assessable FHSS income to your other taxable income. It uses that total’s resident marginal bracket, adds the selected Medicare assumption and subtracts 30 percentage points. The resulting withholding rate stays between 0% and 17%.

Alternatively, select the ATO’s 17% fallback or enter a withholding rate. The alternative scenario always uses the second income amount and the same year and Medicare setting. It shows how a different expected marginal bracket changes the deposit amount.

Net release equals gross release less estimated withholding. The offset is already reflected in the withholding rate, so adding it to the deposit would count it twice. Commonwealth debt offsets can reduce the amount actually paid.

The ATO explains withholding and payment summaries. Final tax depends on the full return, including bracket crossings and other offsets. This calculator estimates release withholding, not the final assessment or any later refund.

Reconcile With the ATO Determination

In the fictional default example, $21,000 of salary sacrifice releases $17,850, alongside $6,000 of non-concessional contributions. Estimated earnings are $2,926. The gross release is $26,776, with $20,776 assessable.

With $80,000 of other taxable income and the 2% Medicare assumption, withholding is $416 and the net release is $26,360. At $150,000 of other income, the alternative net release is $24,906.

Suppose a fictional determination lists the same $23,850 of releasable contributions but $2,500 of earnings. Select Determination and enter $2,500. Gross release becomes $26,350 and net release becomes $25,943 at the 2% withholding assumption.

The $426 gross difference comes entirely from earnings. A difference in contributions instead calls for a record-by-record comparison of dates, categories, exclusions and cap ordering. Compare withholding separately with the payment summary.

Before using client figures, establish age eligibility, prior property interests or an applicable hardship exception, previous releases and the intended occupancy conditions. Confirm fund release arrangements, contribution eligibility and the determination and release-request timing required by the ATO.

The estimate is not an ATO determination, eligibility decision or release approval. The ATO’s FHSS rules govern those steps. Use the release-request income year for the return even if payment arrives in another year.

Entries stay on this browser page. The calculator sends no contribution records to Tax Genie, the ATO or a super fund and saves none in browser storage.