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First Home Saver Accounts

Fri, 2008-03-28 17:15 — Broker

First Home Saver Accounts

On 4 February 2008, the Government confirmed its 2007 federal election commitment to establish First Home Saver Accounts to assist Australians aged 18 and over to save for their first home.

First Home Saver Accounts will provide a simple, tax effective way for Australians to save a deposit for their first home through a combination of a Government contribution and low taxes.

The Government will pay a contribution on up to $5,000 (indexed) of individual contributions made each year, and individuals can contribute a maximum of $10,000 each year (indexed).

Investment earnings (or interest) that accrue in the accounts will be taxed at 15 per cent.

Withdrawals will be tax free where they are used to purchase a first home to live in.

The Government is seeking comments and submissions by 7 March 2008 to assist in settling the final administrative and legislative features of First Home Saver Accounts.

A publication seeking comments on the implementation of the First Home Saver Accounts is available at http://homesaver.treasury.gov.au/content/default.asp.

Finance Broker welcomes comments questions and postings with further information on this site in relation to First Home Saver Accounts. Please register and ask questions or post relevant and helpful information about First Home Saver Accounts.




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