Su­per saver

Seymour Telegraph - - NEWS -

First home buy­ers are be­ing en­cour­aged to take ad­van­tage of the Fed­eral Gov­ern­ment’s First Home Su­per Saver Scheme, which came into ef­fect on July 1.

The scheme gives first home savers the abil­ity to ac­cel­er­ate their sav­ings by at least 30 per cent.

First home buy­ers will be able to save for a house de­posit with their su­per­an­nu­a­tion by mak­ing vol­un­tary con­tri­bu­tions of up to $15 000 per year and $30 000 in to­tal into their su­per­an­nu­a­tion ac­count.

These con­tri­bu­tions, which are taxed at the dis­counted rate of 15 per cent, can be with­drawn for a de­posit from July 1 next year.

With­drawals will be taxed at mar­ginal tax rates less a 30 per cent off­set.

‘‘This ini­tia­tive demon­strates the Fed­eral Gov­ern­ment’s com­mit­ment to re­duc­ing the pres­sure on hous­ing af­ford­abil­ity . . . across the en­tire hous­ing spec­trum, in­clud­ing first home buy­ers,’’ Na­tion­als Se­na­tor for Vic­to­ria Brid­get McKen­zie said.

‘‘With many Aus­tralians now en­ter­ing the hous­ing mar­ket later in life, this ini­tia­tive will en­cour­age first home buy­ers to save for a de­posit more quickly.’’

For more in­for­ma­tion visit First home buy­ers can also get an in­di­ca­tion of how the scheme can ben­e­fit them by vis­it­ing

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