First Home Super Saver Scheme passes Parliament

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. Read more...

First Home Super Saver Scheme passes Senate, headed back to House

The First Home Super Saver Scheme (FHSSS), along with the downsizer contribution, passed the Senate on Tuesday. But the Bill will need to return to the House of Representatives, as it was amended.

Update: First Home Super Saver Scheme passes Parliament

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 passed the Senate, with a Liberal Democratic Party amendment. The First Home Super Saver Tax Bill 2017, which only includes a small part of the measure, also passed, without amendment. Read more...

LDP wants considerable boost to FHSSS and downsizer contribution

Liberal Democrat Senator David Leyonhjelm wants to considerably boost the proposed First Home Super Saver Scheme (FHSSS) and downsizer contribution.

Update: The Leyonhjelm amendment has been revised – it not longer includes the changes to the cap, instead including a requirement that the Minister start an independent review of the changes in the Bill. This review would be started, as soon as practicable, 18 months after Royal Assent and to be completed within 6 months.

The Senator has proposed an amendment which would raise the yearly contribution cap for the FHSSS from $15,000 to $30,000 and the total cap from $30,000 to $100,000. The amendment would also remove the requirement that the person had never held a home, replacing it with a requirement that they don’t currently own a home. Read more...

First Home Super Saver Scheme passes House, set for debate in Senate

The First Home Super Saver Scheme has passed the House of Reps, but it is still unclear if it can pass the Senate.

The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017 and First Home Super Saver Tax Bill 2017 passed the House of Representatives on Wednesday afternoon. These Bills contain the downsizer contribution and First Home Super Saver Scheme (FHSSS).

The FHSSS was announced in the 2017 Federal Budget. It is intended to apply to some contributions from 1 July 2017, with withdrawals allowed from 1 July 2018. However it is unclear if it has the support to pass the Senate, with Labor opposing the measure. The Greens are also planning to oppose the Bill, according to reports following their party room meeting on Tuesday. Read more...

FHSSS and downsizer contribution Bill introduced to Parliament

Bills to enact the First Home Super Saver Scheme and downsizer contribution have been introduced to Parliament.

These measures, which were announced in the 2017, are aimed at improving housing affordability. Though Labor has criticised both the policy and the delay between the announcement and the introduction of legislation.

Treasurer Scott Morrison said the Government is “moving forward” on the housing affordability package from the Budget.

“The FHSSS [First Home Super Saver Scheme] legislation will enable prospective first home buyers to save for a deposit inside their superannuation account. This will be a game changer for young Australians trying to get their first place,” he said. Read more...

First Home Super Saver Scheme breaches sole purpose test, objective of super

The Government’s First Home Super Saver Scheme may push up house prices, reduce retirement savings and breach the sole purpose test and objective of superannuation.

The Government’s First Home Super Saver Scheme has been strongly criticised by the superannuation industry, in submissions in response to draft legislation.

The First Home Super Saver Scheme (FHSSS) was announced in the 2017 Federal Budget. It allows first home buyers to save using the super system. It is intended to apply to contributions from 1 July 2017, with withdrawals allowed from 1 July 2018. However the measure has yet to be legislated and may face resistance in the Parliament, with Labor already opposed. Read more...

First Home Super Saver Scheme Bill may not go to Parliament until 2018

Bills to enact the First Home Super Saver Scheme, along with the Government’s other superannuation policies, may not be introduced to Parliament until 2018.

Update: the Bill for the First Home Super Saver Scheme Bill has been introduced to Parliament.

A list of the Bills the Government intends to introduce to the Parliament in the last sitting of 2017 does not include Bills for the First Home Super Saver Scheme (FHSSS), downsizer contributions, improved accountability measures for super funds or closing a Super Guarantee loophole. Read more...

First Home Super Saver & downsizer contribution draft legislation released

The Government has released draft legislation for the First Home Super Saver Scheme (FHSSS) and downsizer contributions measures from the 2017 Budget.

Update: The First Home Super Saver Scheme has passed the Parliament

The 2017 Budget included the First Home Super Saver Scheme (FHSSS) and a scheme allowing people aged 65 or over to contribute extra to super from the proceeds of selling their home – which the draft legislation calls the downsizer contribution.

The downsizer contribution is meant to apply from 1 July 2018. The FHSSS is meant to apply to contribution from 1 July 2017, with withdrawals allowed from 1 July 2018. However this is subject to passage. It is unclear if the FHSSS can pass the Parliament, with Labor already saying they will oppose it. Read more...

Accessing super is most polarising of housing affordability options

Allowing first home buyers to access their superannuation is the most polarising housing affordability option, according to a recent poll.

The most recent Essential poll found that ‘allowing first home buyers to withdraw a portion of their superannuation for a house deposit’ had support from 44% of those polled and was opposed by 30%, with 9% answering ‘don’t know’. 14% of people strongly supported and 14% strongly opposed.

First home buyers accessing super had the highest opposition and tied second lowest support of those measures polled. Though no proposal had more opposition than support. ‘Increasing restrictions on foreign nationals purchasing existing residential property’ had the highest support – 74%, with 6% opposed. It also had the highest ‘strong support’ by far, at 51%. Read more...

Government touts First Home Super Saver Scheme but hasn’t legislated it

The Government is touting it’s First Home Super Saver Scheme, which is meant to apply to contributions from 1 July 2017, despite not passing the required legislation.

Michael Sukkar, the Assistant Minister to the Treasurer, said the Government is continuing to deliver on the housing affordability package from the 2016 Budget – which includes the First Home Super Saver Scheme (FHSSS).

Mr Sukkar said the scheme comes into effect from 1 July. It is meant to apply to contributions from 1 July 2017, with withdrawals allowed from 1 July 2018. Read more...