First Home Super Savers Scheme

Written by Supervision Group

Supervision Group has a highly experienced team of professionals with one goal, to improve how you interact with your Business, Super, Personal Finances and Investments to grow your wealth. We know what it takes to grow and thrive in today’s fast-paced economy.

6 March 2018

Are you currently saving for your first home and want some tax relief?

The Australian Government has created this scheme to help first home buyers save for a deposit on their first home.

To qualify, you cannot have previously owned a property in Australia. In addition, you can’t use the scheme to buy a houseboat, motor home or land.

How it Works

Each individual can contribute up to $15,000 a year into Super until you reach the maximum of $30,000. Once you have saved your deposit, you will be able to take a lump sum out of Superannuation plus a deemed* increase in value to be used as a home deposit.

This means that is possible for couples to have over $60,000 (original contribution plus *deemed increase in value) in savings at the end of the process to achieve finance.

The tax effectiveness for each person however depends on your current personal income tax rate, so you may need to speak to a specialist to work out how much tax you are able to save. 15% tax is payable on concessional contributions into Super.

To take the money out of Superannuation for your first home deposit you have to apply to the ATO.

*Deemed income is 4.7%.

This article is a brief introduction to this topic.  To get more of the detail, please call Supervision or speak to your financial adviser.

Blogs & Resources

June – July Trustee – out now

June – July Trustee – out now

The latest edition of the Trustee is available and has a strong focus on contributing to Super. In it we outline in depth increases to SG contributions. To download your copy please CLICK HERE

read more
Business Acumen with Supervision Edition 2

Business Acumen with Supervision Edition 2

This year, Supervision Group is excited to celebrate 20 years in business. Established in 2002, Supervision is motivated to help you and your business make informed decisions without worrying about the little things. As the pandemic continues into its third year, we...

read more
How a receipt capture app will make your life easier

How a receipt capture app will make your life easier

Do you struggle looking for receipts for business purchases at the end of the month? Or heaven forbid, the end of the quarter? Throw out that shoebox, empty your glovebox and clear out your wallet! Reclaim your time and get out of the office! Our tip is to use a...

read more