2017 Tax Planning Checklist: First Home Buyers and Superannuation

First Home Buyers and Superannuation

To assist first home buyers to save for their first home, a new savings scheme has been announced allowing first home buyers to salary sacrifice up to $15,000 per year and $30,000 in total in voluntary contributions to their superannuation account. 

Contributions can be made from 1 July 2017 and are subject to existing contribution caps. 

Contributions will be taxed at 15% instead of the taxpayer’s marginal tax rate and withdrawals will be taxed at their marginal rate less 30%.  

Withdrawals will be allowable from 1 July 2018. 

Couples can combine their savings for a single deposit.