Hous­ing laws praised

The Advocate (Perth) - - OPINION -

FED­ERAL MP Chris­tian Porter has wel­comed leg­is­la­tion to re­duce pres­sure on firsthome buy­ers and im­prove hous­ing af­ford­abil­ity in Pearce.

The First Home Super Saver Scheme, which was an­nounced in this year’s Fed­eral Bud­get, will give 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 within their su­per­an­nu­a­tion by mak­ing vol­un­tary con­tri­bu­tions of up to $15,000 per year and $30,000 in to­tal into their su­per­an­nu­a­tion ac­count.

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

Mr Porter said with many Aus­tralians en­ter­ing the hous­ing mar­ket late in life, this ini­tia­tive would en­cour­age peo­ple to save for a de­posit ear­lier.

“For most peo­ple, the First Home Super Saver Scheme will al­low them to save for a de­posit 30 per cent faster than saving through a stan­dard de­posit ac­count,” he said.

He said the Fed­eral Gov­ern­ment had also in­tro­duced leg­is­la­tion to al­low older Aus­tralians to con­trib­ute the pro­ceeds of the sale of their fam­ily home to su­per­an­nu­a­tion.

From July 1 next year peo­ple over 65 will be able to make an ad­di­tional non-con­ces­sional con­tri­bu­tion of up to $300,000 into su­per­an­nu­a­tion when they sell their home, which they have held for at least 10 years.

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