How is the Government’s annual contribution paid into my first home saver account?
If you have a first home saver account the Federal Government may make an annual contribution to your account based on your contributions throughout the year. You don’t pay tax on earnings on the account and you don’t need to declare any income from this account anywhere on your tax return. However, if you’re not required to lodge a tax return, you will need to lodge a First home saver account – notification of eligibility form before the Government will pay any contributions. The form is available from the Tax Office website. I made a mistake on my tax return, what do I do? If you discover an error after lodging your return you should lodge an amendment to your return. If the amendment results in you owing tax then interest will be payable. Any penalty decision will depend on the facts of the case, but a first time mistake, particularly a low value one, will generally not attract a penalty. Where’s my refund? If you’re due a refund the quickest way to get it is to lodge using e-tax. M
