The Federal Budget has just been announced and here is how it may affect our clients!
Two housing affordability measures have been introduced which involve superannuation, the first home super saver scheme and contributing the proceeds of downsizing a family home into superannuation.
The first home super saver scheme is where first home buyers can make voluntary super contributions and later withdraw it to use as a deposit for the purchase their first home. Withdrawals will be allowed from 1 July 2018 onwards and you will get the benefit of a concessional tax rate.
Contributing the proceeds of downsizing a family home into superannuation is an option for those aged 65 and over whereby they will be able to pay more into super when they have downsized from the family home.
These schemes will be effective from 1 July 2017.
If you would like more information on how this may affect/benefit you, call our friendly property lawyer, Alicia Floyer!
11 May 2017