New Superannuation Laws for Buying and Downsizing Homes
Good news for first home buyers! Through the First Home Super Saver Scheme (FHSSS), you will soon be able to save for a house deposit inside your superannuation.
Under the FHSSS, aspiring home-owners can make contributions into superannuation can then be withdrawn to help buy their first residential home. Individuals can contribute up to $30,000 (up to $15,000 a year within existing caps) and couples can contribute up to $60,000.
The new law also gives Australians aged 65 and above the option to contribute money from the sale of their home into superannuation, to help with the process of downsizing. If they have owned their residential home for ten years or more, they can contribute up to $300,000 from the earnings into their superannuation accounts (up to $600,000 for couples). This excludes any existing contribution restrictions.
The new law will take effect from 1 July 2018.
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