First Home Super Saver Scheme and downsizing incentives pass both houses
tax-and-legal-advice

First Home Super Saver Scheme and downsizing incentives pass both houses

By Sasha Karen
Parliament house

Following the news of marriage equality passing both houses of Parliament, bills on downsizing incentives and the ability for first home buyers to use superannuation to put money down on a new home have slipped by with only a few amendments.

According to a joint statement made by Treasurer Scott Morrison and Assistant Minister to the Treasurer Michael Sukkar, both the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 and the First Home Super Saver Tax Bill 2017 passed both houses of Parliament, and will “ensure all Australians have access to secure, stable and affordable housing”.

Introduced to Parliament in September, as published previously, the soon-to-be acts are:

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017

The Treasury Laws Amendment bill would allow for those 65 and older who are selling their main residence that they have lived in for at least 10 years to make uncapped downsizer contributions, limited to $300,000 or up to $600,000 for both members of a couple, which are not deductible and can only be made in relation to the sale of a main residence once.

First Home Super Saver Tax Bill 2017

The First Home Super Saver Tax bill allows for first home buyers to take money out of their superannuation towards a new home. The total allowed to be taken out is up to a limit of $30,000 of eligible concessional contributions, plus eligible non-concessional contributions and associated earnings.

In the joint statement, Mr Morrison and Mr Sukkar claimed that “most first home buyers will be able to accelerate their savings by at least 30 per cent using the scheme”.

The only amendments made were in relation to the First Home Super Saver Tax Bill, which was to insert the right to object against the determined eligible amount and take it up with the Taxation Appeals Division or the Small Taxation Claims Tribunal, depending on the outcome, and the government would be undertaking a six-month review into this right to object, starting within 18 months of the bill passing.

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First Home Super Saver Scheme and downsizing incentives pass both houses
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