First Home Super Saver Scheme

The First home super saver scheme (FHSSS) was introduced as part of the 2017 Federal Budget to assist first home buyers saving for a deposit.  The scheme works by allowing first home buyers to contribute savings to superannuation and benefit from lower superannuation tax rates.  

$15000 can be contributed to super each financial year, with a maximum amount of $30000 allowed to be released and used for a deposit.  Contributions for the scheme can be accepted from July 1 2017 and withdrawals can be made from July 1 2018.

The scheme has not yet been legislated by parliament.  Consequently, the operation of the scheme is not completely clear.  Until the scheme is legislated, we would suggest not participating in the scheme.  For more information please contact our office.