On 13 December 2017, legislation was passed for the First home super saver (FHSS) scheme and the Contributing the proceeds of downsizing into superannuation (downsizing) measures.
These measures are part of the Australian Government's broader housing affordability package to reduce pressure on housing affordability in Australia.
Find out about these important measures below.
First home super saver (FHSS) scheme
The FHSS scheme helps first home buyers save for their first home faster by allowing them to access concessional tax treatment within super. Individuals can make voluntary concessional and non-concessional contributions into their super and apply to have the contributions (along with associated earnings) released. You can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years.
Make sure you are prepared and plan your purchase as:
Downsizing contributions into super
Individuals 65 years and older who have owned their home for 10 years or more can contribute up to $300,000 into super after selling their home without it affecting their contributions caps. The contract of sale for that property must have been entered into on or after 1 July 2018 and the downsizer contribution must be made within 90 days of receiving the proceeds of the sale.
Find out more about these measures, including the full eligibility requirements, by visiting:
Fact sheets about the FHSS scheme and downsizing measures are available for you to print off and share with your family and friends.
- Download the FHSS scheme fact sheet here.
- Download the downsizing into super fact sheet here.