First home su­per saver scheme

Hills to Hawkesbury Living Magazine - - Community News -

First home buy­ers can take ad­van­tage of the Gov­ern­ment’s First Home Su­per Saver Scheme, which came into ef­fect on 1 July. The scheme 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. Th­ese con­tri­bu­tions, which are taxed at the dis­counted rate of 15 per cent, along with deemed earn­ings, can be with­drawn for a de­posit from 1 July next year. With­drawals will be taxed at mar­ginal tax rates less a 30 per cent off­set.

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. Fur­ther in­for­ma­tion on the First Home Su­per Saver Scheme is avail­able at: http://www. bud­get.gov.au/2017-18/con­tent/glossies/fact­sheets/html/ HA_14.htm. First Home Buy­ers can also get an in­di­ca­tion of how the scheme can ben­e­fit them by vis­it­ing: www.bud­get.gov. au/es­ti­ma­tor.

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