First Home Owner Super Saver Scheme
Are you thinking of buying your first home?
Starting 1 July 2017, first home buyers can make voluntary contributions to their Superannuation Fund up to $15,000 and $30,000 in total for a deposit to purchase a first home.
These contributions along with deemed earnings are taxed at 15% and withdrawals for home deposit can be made starting 1 July 2018 and are taxed at marginal tax rates less a 30% offset.
If you are an employee, you will be able to take advantage of salary sacrifice arrangements to make pre-tax contributions or make your own deductible contributions.
For self-employed individuals, you can claim a tax deduction on these personal contributions, therefore reducing your taxable income.
To help individuals understand the benefits of saving for a home deposit through superannuation, the government has provided an online estimator http://budget.gov.au/estimator/.
Note: Contributions limits apply!