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Housing-related superannuation measures

21 July 2017 | Draft Legislation

In the 2017-18 Budget, the Government announced a package to reduce pressure on housing affordability, including through establishing a First Home Super Saver Scheme, and by allowing a special 'downsizing' contribution into superannuation.

The draft legislation for the First Home Super Saver Scheme would allow individuals to save for their first home inside superannuation. Under the scheme, first home savers who make voluntary contributions into the superannuation system would be able to withdraw those contributions, and an amount of associated earnings, for the purposes of purchasing their first homes. Concessional tax treatment would apply to amounts withdrawn under the Scheme.

The draft legislation for the downsizing measure would allow 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. 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.

Submissions closed on Friday 4 August 2017

Key Documents

  • Exposure Draft - Treasury Laws Amendment (Reducing Pressure on Housing Affordability) Bill 2017 460KB 190KB
  • Exposure Draft - First Home Super Saver Tax Bill 2017 229KB 220KB
  • Exposure Draft - Treasury Instruments Spring 2017 254KB 80KB
  • Explanatory Memorandum 271KB 164KB
  • Fact Sheet - First Home Super Saver Scheme 456KB 121KB
  • Fact Sheet - Reducing barriers to downsizing 460KB 117KB
Ref Num: {4E4C743C-D4AE-466F-969C-B679DDD775DF}
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