The GST Point-in-Time Service has been updated to include the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1)
(Act 132 of 2017).
Schedule 1 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No.1)
Act 2017 (‘the Act’) establishes the First Home Super Saver Scheme, which allows individuals
who are saving for their first home to take advantage of the concessional taxation
arrangements that apply to the superannuation system.
Under the First Home Super Saver Scheme, first home savers who make voluntary contributions into the superannuation system can withdraw those contributions (up to certain limits) and an amount of associated earnings for the purposes of purchasing their first home. Concessional tax treatment applies to amounts that are withdrawn under the Scheme.
Schedule 2 to the Act allows an individual to use the proceeds in relation to one sale of their main residence to make contributions (downsizer contributions) of up to $300,000 to their superannuation provider if they are 65 years of age or over. Downsizer contributions can be made regardless of the other contributions caps and restrictions that might apply to making voluntary contributions.
The amendments made by Act 132 of 2017 have been updated in the Point-in-Time GST Service current to 21 December 2017. (NB: Subscription required).
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