The legislation allowing first home buyers to save for a deposit on their home via their superannuation contributions has been passed by Parliament.
Need to Know
This legislation is otherwise known as “The First Home Super Saver Scheme”(FHSSS).
From 1 July 2018, a first home buyer will be able to withdraw voluntary superannuation contributions they have made since 1 July 2017.
Voluntary contribution include:
- non-concessional personal contributions
- deducted concessional contributions
- salary sacrifice contributions
Up to $15,000 of this type of contributions can be made each financial year.
The maximum that can be released is $30,000 plus earnings associated with these contributions.
Should you require any further information in regards to this Scheme please feel free to contact Peter Quinn by submitting an online enquiry or calling us on +61 2 9580 9166 to book an obligation free appointment.
The information in this document does not take into account your personal objectives, financial situation or needs and so you should consider its appropriateness having regard to these factors before acting on it. It is important that your personal circumstances are taken into account before making any financial decision and it is recommended that you seek assistance from your financial adviser.