Draft legislation has now been drawn up for the Federal Government’s new superannuation measures as announced in the 2017 Budget, and it’s available for public review and comment.
The new legislation has been created in a bid to help tackle housing affordability across the country, helping first-home buyers break into the market.
Included in the legislation is the First Home Super Saver Scheme, which will allow first-home buyers to make voluntary contributions of up to $15,000 per year and $30,000 in total into their superannuation account that they will be able to withdraw for the purpose of purchasing their first home.
Changes have also been made to the downsizers market, allowing individuals aged 65 years or over to make non-concessional contributions of up to $300,000 from the proceeds of selling their main residences to their superannuation accounts.
Under the new legislation, downsizer contributions will be able to be made regardless of the other contribution caps and restrictions that might apply to making voluntary contributions.
This measure would apply to proceeds from contracts for the sale of a main residence entered into (exchanged) on or after 1 July 2018.
These latest housing measures, coupled with state introduced stamp duty changes and the APRA’s crackdown on investor lending should be of some help to first-home buyers hoping to get their foot on the property ladder.
Submissions can be made on the draft legislation until 4 August 2017.