Straight answer is YES. Let’s take an exmaple:
A concessional contribution of $10,000 would be taxed at 15% within your superannuation fund leaving you you with $8,500 in your super account.
When you withdraw the $8,500, under the FHSS Scheme, the withholding rate would be 9% (39% less the 30% offset), assuming you are at 37% tax bracket with 2% medicare levy. So $8,500 less 9% withholding tax would leave you with $7,735. This is more than the $6,300 you calculated if you did not use the FHSS Scheme. Note this calculation does not take into account the associated earnings on the contributions which would also be withdrawn under the FHSS scheme. The withholding rate would also be applied to the associated earnings.
The above calculation assumes you remain in the same 37% tax bracket and the Medicare levy of 2% remains the same in the year you request the withdrawal. In summary the withholding rate will be calculated as follows:
There are a number of important things you need to know if you plan to use the FHSS scheme:
You can start making super contributions from any age. However, you must be 18 years old or older to request a determination or a release of amounts under the FHSS scheme.
Also, you must have:
Eligibility is assessed on an individual basis. This means that couples, siblings or friends can each access their own eligible FHSS contributions to purchase the same property. If any of you have previously owned a home, it will not stop anyone else who is eligible from applying.
Source: ATO/ ATO Community