First home saver account - poor man's superfund

[matty77]

Just finally got my tax sorted:

2009-10
2010-11
2011-12

and the wife had
2010-11
2011-12

Accountant put the claim in and we got paid 14 days afterwards (funds cleared into our Bank Account)

I nearly fell over in shock it was that quick, totally unexpected!

 

[maffu]

Wow, Matty that was quick.

I found this on the ATO site

When the payment is credited to you
We calculate and pay the government contribution in a lump sum once a year. Before we can do this, we need information from you and your account provider. Once we have that information, we have 60 days to work out and pay your contribution.
We make the payment after:
your account provider has lodged their activity report with us (due by 31 October each year)
you have lodged your tax return (by 31 October) or let us know you don't need to lodge a tax return by filling out a First home saver account notification of eligibility form
we have worked out what you are entitled to, which can take up to 60 days after we have all the information we need.
This timing means many people receive their contributions in January the following year.

For information about the current government contribution rate and the maximum annual government contribution, refer to First home saver accounts - rates and thresholds.
Because account providers do not have to lodge their annual activity report until 31 October and we have 60 days to make the payment, many people do not receive their contribution until January the following year.