22nd Jun,2017
Article By
ClearWay Advice and Financial Management

First Home Super Saver Scheme – What you need to know

First homebuyers and superannuation

One of the biggest anticipations in the 2017 Federal Budget was the Government’s approach to improving housing affordability for first homebuyers. Under the newly proposed ‘first home super saver scheme’:

  • First homebuyers will be able to use their superannuation fund to accumulate a home deposit.
  • The amount available for withdrawal will be up to $15,000 of voluntary contributions per financial year since 1 July 2017 ($30,000 in total) plus deemed earnings, less tax on concessional (pre-tax) contributions and deemed earnings.
  • The amount of the withdrawal that relates to concessional (pre-tax) contributions and earnings will be taxed at marginal tax rates, less a 30% offset. The withdrawal will not impact HECS/HELP repayments, family tax benefits or child care benefits.

Importantly, if you are a member of a couple, you may both take advantage.

Source

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