From the 1st of July 2017 you can make voluntary concessional and non concessional contributions into your superannuation fund for the purpose of saving for your first home.

That idea is that these contributions will be set aside in your superannuation fund, in a concessional taxed environment.

These contributions alone with the associated earnings can then be released from the 1st July 2018.

In order to be eligible in applying for the release of these funds you must be at least 18 years old.

In order to be eligible for the above scheme you must:

  • Never have owned a property in Australia
  • Not previously assessed funds via First Home Buyer Super Saver Scheme
  • Live or intent to live in the acquired premises as soon as practicable
  • Intend to live in the property for at least 6 months of the first 12 months you own it, after it is practical to move in

You can apply for the release of voluntary contributions up to a maximum of $15,000 from any one financial year and a lifetime total of $30,000.

Before making contributions for which you intend to withdraw:

    • Ensure that your nominated fund will release the funds
    • Ask about associated fees and charges
    • Ensure that the above does not impact on the validity of any insurance held within the fund
    • 100% of non concessional contributions and 85% of concessional contributions can be released from the fund
    • Funds must be withdrawn on a first in first out basis. Where a concessional and non concessional contribution have been made on the same day. The non concessional contributions will be taken first
    • On withdrawal a payment summary will be issued for the concessional contributions and earnings associated with both concessional and non concessional contributions. The PAYG summary must be reflected in your income tax return however there will be offsets available.

Should you require further information in relation to any of the above please contact our Super Team at CS Consulting Group.