Connect with us

Further ‘Affordable Housing’ Measures Passed

Parliament has passed the legislation allowing first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS) and also allowing older Australians to ‘downsize’ and then contribute the proceeds of the sale of their family home into superannuation.

From 1 July 2018, a first home buyer will be able to withdraw voluntary superannuation contributions they have made since 1 July 2017 (up to $30,000 each, with individuals being able to contribute up to $15,000 a year within existing caps), along with a deemed rate of earnings, to help buy their home.

Also, from 1 July 2018, when Australians aged 65 and oversell a home they have owned for at least 10 years, they may contribute up to $300,000 from the proceeds into their superannuation accounts, over and above existing contribution restrictions. Both members of a couple may take advantage of this measure, together contributing up to $600,000 from the proceeds of the sale into superannuation.

hart partners line dividerFor tax help:

or contact Hart Partners today:
Phone (03) 9600 3220 || Mobile (04) 1322 2922 || Fax (03) 9376 3507 || Email client@hartpartners.com.au
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.
hart partners line divider

Introducing our Hart Partners App!

Introducing the Hart Partners App!

Are You Ready to Improve Your Financial Health?

Contact us today for a free consultation. Tell us your goals and challenges and we’ll tell you how we can help you!

BOOK A FREE CONSULTATION