First Home Super Saver Scheme passes Parliament

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The First Home Super Saver Scheme (FHSSS) has passed the Parliament, along with the downsizer contribution.

For more detail on the FHSSS see this article: First Home Super Saver & downsizer contribution draft legislation released

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 passed the Senate early last week. But as it was amended it needed to return to the House. The Government accepted the Liberal Democrat amendment – a review of the measures and some other changes – in a vote on the last sitting day of the year. The Bill, along with the First Home Super Saver Tax Bill 2017, now await Royal Assent.

Assistant Minister to the Treasurer Michael Sukkar said Labor “stand condemned” for not supporting a tax cut for first home buyers.

“Labor’s absolute refusal to help first home buyers save for a deposit show they can’t be trusted on housing affordability,” he said.

“The measures legislated today are part of the Turnbull Government’s comprehensive approach to housing affordability. The Turnbull Government is continuing to deliver on its commitment to ensure all Australians have access to secure, stable and affordable housing.”

“The FHSSS provides a much-needed tax cut to young Australians saving for their first home. From 1 July 2018, first home buyers will be able to withdraw voluntary superannuation contributions they’ve made since 1 July 2017, along with a deemed rate of earnings, to help buy their home. This will give first home buyers a significant leg-up towards saving their deposit, helping them overcome a key barrier for getting into the housing market.”

“The downsizing measure removes a financial obstacle from older Australians who are considering moving to homes that better suit their needs.”

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