June 30 is the FHSS deadline: what first home buyers need to do before the financial year closes

June 30 arrives in two days, and with it the close of the 2025-26 financial year. For first home buyers using the First Home Super Saver (FHSS) scheme, this is one of the most time-critical moments of the year. Any voluntary super contributions made by June 30 can count toward your FY2026 total - contributions made on or after July 1 fall into the new financial year cap instead. If you have been building a super deposit but have not yet reached your $15,000 annual limit, you may still have a narrow window to top it up before Tuesday.

What is the FHSS deadline and who does it affect?

The FHSS scheme lets eligible first home buyers make voluntary contributions to their superannuation and later withdraw those amounts - plus associated earnings - to put toward a home deposit. The scheme has two key limits: up to $15,000 per financial year and a lifetime cap of $50,000 per person. A couple buying together could potentially access up to $100,000 combined, built up over several years of contributions.

The financial year closes on June 30. Contributions received by your super fund on or before that date count toward your FY2025-26 total. Contributions received on July 1 or later count toward FY2026-27 instead. For buyers who are within a few thousand dollars of their $15,000 annual cap, topping up before June 30 could increase the total amount they can withdraw when the time comes to buy.

There is also a lesser-known deadline embedded in the carry-forward concessional cap rules. If you have unused concessional contribution room from FY2019-20, June 30, 2026 is the final date those amounts can be applied. After this year, those specific unused caps expire and cannot be used going forward. This means FY2025-26 may be the last opportunity for some buyers to make a larger-than-usual concessional contribution - provided their total super balance is below $500,000 and they have not already used those earlier caps elsewhere.

How the two types of contributions work

Under the FHSS scheme, voluntary contributions fall into two categories:

• Concessional contributions (before-tax): These include salary sacrifice arrangements with your employer and any extra contributions your employer makes beyond the compulsory Super Guarantee. They enter your fund taxed at 15% - lower than most people's marginal income tax rate. When you later withdraw your FHSS amount, a 30% tax offset applies to the assessable portion, which can significantly reduce the tax paid on the released funds.
• Personal after-tax contributions: You can transfer money from your bank account into super and then lodge a Notice of Intent to Claim a Tax Deduction with your fund. This converts the contribution into a concessional one for FHSS purposes and generates a tax deduction in your FY2025-26 tax return. Important: the notice must be lodged before you submit your tax return and while the money is still in the fund.

Timing matters. Super funds have their own internal cut-off times for processing June 30 contributions. A bank transfer initiated on June 30 may not be received by the fund until July 1, putting it into the wrong financial year. If you are planning to top up, contact your fund to confirm their processing deadline - many require transfers to arrive several business days before June 30 to guarantee same-day crediting.

What the tax advantage looks like in practice

The FHSS tax benefit comes from two sources: contributions taxed at 15% instead of your marginal rate, and the 30% tax offset applied on withdrawal. The combined effect is most valuable for buyers on the 32.5% or 37% marginal tax rate.

As a rough illustration - not a personal tax calculation - someone earning approximately $90,000 a year and salary sacrificing $10,000 into super before June 30 may pay around $1,500 less tax on that contribution compared to receiving it as income. At withdrawal, the 30% offset then reduces the tax owed on the released funds. Your actual outcome will depend on your income, contribution history, and individual circumstances, so it is worth speaking with a registered tax agent if you are unsure what applies to you.

When the ATO releases your FHSS funds, it releases approximately 85% of eligible concessional contributions plus associated earnings, calculated using the Shortfall Interest Charge (SIC) rate. The SIC rate for April to June 2026 is 6.96% per annum. The released amount forms part of your assessable income in the year of release, reduced by the 30% offset.

What first home buyers could consider doing before June 30

With two days remaining, here are the steps worth considering if you are saving for a first home through super. Speaking with your super fund and a registered tax agent before making decisions is always recommended.

• Check how much you have contributed in FHSS-eligible voluntary contributions this financial year. The ATO's MyGov portal shows your FHSS contribution history. If you are below $15,000, there may still be time to top up.
• If making a personal after-tax contribution, contact your super fund first to confirm their processing cut-off for June 30. Some funds require transfers to arrive several days in advance.
• If you want to salary sacrifice, check with your payroll team whether an additional contribution before end of month is possible. This will depend on your employer's payroll cycle.
• If you have unused concessional contribution caps from FY2019-20, this is the final year to use them. Your fund or the ATO's MyGov portal can show you your historical cap usage.
• Remember that FHSS contributions are not immediately accessible. After signing a property purchase contract, you request a release determination from the ATO, which can take up to 10 business days, followed by a further release to your bank of up to 25 business days. Plan your purchase timeline accordingly.

Looking ahead: FY2026-27 starts Monday

If June 30 has already passed by the time you are reading this, the new financial year brings a fresh $15,000 FHSS contribution cap from July 1, 2026. July 1 also marks other changes relevant to first home buyers: the ACT abolishes stamp duty entirely for first home buyers with no price cap or income test, and Queensland's $30,000 First Home Owner Grant continues for eligible new-home contracts after the 2026-27 Queensland Budget kept it in place.

The FHSS scheme rewards consistency - building contributions over multiple financial years is the most effective way to reach the $50,000 lifetime cap. Starting or topping up in FY2026-27 means you could be significantly closer to your deposit goal by the time you are ready to buy.

Run the numbers

Understanding how the FHSS scheme fits into your deposit plan can make a real difference to your timeline:

• FHSS Calculator - model how much you could save and withdraw under the scheme based on your income and contribution history, including the after-tax benefit
• Borrowing Power Calculator - see how your expected deposit size - including potential FHSS withdrawals - affects the home loan amount you may qualify for
• Grant Stacker - check which grants and schemes you may be eligible for on top of FHSS, including any remaining June 30 deadlines in Queensland and Tasmania