First home super saver scheme

On 9 May 2017, the Government announced that from 1 July 2018 individuals will be able to apply to withdraw voluntary contributions made to super after 1 July 2017 for a first home.

Voluntary contributions include:

• undeducted (non-concessional) personal contributions
• deducted (concessional) personal contributions
• salary sacrifice contributions.

Up to $15,000 of voluntary contributions made in a financial year count towards the amount that can be released.

The maximum amount that can be released is $30,000 of personal contributions plus associated earnings.

Concessional contributions and earnings that are withdrawn will be taxed at marginal rates less a 30 per cent offset.

Further details about eligibility and the amounts and types of contributions that can be made under this scheme can be found here.