Posted on 21 December '17 by , under Super.
The First Home Super Saver (FHSS) Scheme and the downsizing contributions into superannuation measures passed Parliament on 13 December 2017.
As of 1 July 2017, individuals can make voluntary concessional and non-concessional contributions into their super fund as part of the FHSS Scheme. The scheme may help first home buyers save faster due to the concessional tax treatment within super.
From 1 July 2018, individuals can then apply to release their contributions, along with associated earnings, to help purchase their first home.
The downsizing contributions into super measure allows individuals who are 65 years and over to make a contribution into their super after selling their home.
Contributions of up to $300,000 from the proceeds of your main residence can be added into your super fund. Your spouse may also be able to make a contribution.
To be eligible for a downsizer contribution, you must have entered into the contract of sale on or after 1 July 2018 and have owned the home for 10 years or more.
Downsizer contributions will be taken into account for determining eligibility for the age pension.