Document ID: chunk:federal_register_of_legislation:C2025C00180:clause:1_3:p11
Version: federal_register_of_legislation:C2025C00180
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 11/17)
Character Range: 1086733–1089821

decision, as the case requires, in the manner set out in Part IVC.

Subdivision 138‑B—FHSS maximum release amount

Guide to Subdivision 138‑B

138‑20  What this Subdivision is about

      Your FHSS maximum release amount comprises your eligible non‑concessional contributions, 85% of your eligible concessional contributions, and your associated earnings.
      There are limits on the amount of contributions that may be eligible for release.

Table of sections

Operative provisions
138‑25 FHSS maximum release amount
138‑30 FHSS releasable contributions amount
138‑35 Eligible contributions
138‑40 Associated earnings

Operative provisions

138‑25  FHSS maximum release amount
  Your FHSS maximum release amount is the sum of:
 (a) your *FHSS releasable contributions amount worked out under section 138‑30; and
 (b) your associated earnings worked out under section 138‑40.

138‑30  FHSS releasable contributions amount
 (1) Your FHSS releasable contributions amount is the sum of the following amounts for each *financial year that starts on 1 July 2017 or a later 1 July:
 (a) your *FHSS eligible non‑concessional contributions for the financial year;
 (b) 85% of your *FHSS eligible concessional contributions for the financial year.

Order of counting contributions
 (2) In determining which contributions are to be counted towards your *FHSS releasable contributions amount, contributions are to be counted in the order in which they were made (from earliest to latest).
 (3) For subsection (2):
 (a) if an *FHSS eligible concessional contribution, and an *FHSS eligible non‑concessional contribution, is made in respect of you at the same time, the FHSS eligible non‑concessional contribution is taken to have been made first; and
 (b) if, for a particular *financial year, you personally made both *FHSS eligible concessional contributions and *FHSS eligible non‑concessional contributions, the FHSS eligible non‑concessional contributions are taken to have been made first.
Example: For paragraph (b), in the 2018‑2019 financial year, you made voluntary contributions of $1,000 each fortnight, up to a total of $25,000. At the end of the financial year, you claim a deduction for $15,000 (leaving $10,000 of the contributions as non‑concessional contributions).
 If all of the non‑concessional contributions are eligible to be released under section 138‑35, the first 10 contributions made for the financial year are taken to have been the non‑concessional contributions, and the later contributions are taken to be the concessional contributions.

138‑35  Eligible contributions

Limits on amount of eligible contributions
 (1) For the purposes of this Subdivision:
 (a) the maximum amount of contributions that may be eligible to be released is $50,000; and
 (b) the maximum amount of contributions made in a particular *financial year that may be eligible to be released is $15,000.

Eligible contributions
 (2) A *concessional contribution, or *non‑concessional contribution, for a *financial year is not eligible to be released unless it:
 (a) is made in respect of you