Coronavirus (COVID-19) updates from the Australian Government

Housing-related superannuation measures

This consultation process has now been completed. Submissions available
Date
-
Consultation Type
Draft Legislation

Key Documents

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 Concessional tax treatment would apply to amounts withdrawn under the Scheme.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

37 submissions were received for this consultation, including 11 confidential submissions.

AMP - pdf 207.48 KB
Angela McClavey - docx 26.05 KB
COTA - pdf 622.73 KB
Dixon Advisory - pdf 249.76 KB
Dorothy Cuttell - docx 26.02 KB
Dr Ray Hickman - docx 33.73 KB
Industry Super Australia - pdf 695.03 KB
Keith Payne - docx 24.64 KB
Law Council of Australia - pdf 675.54 KB
Lorraine Cobcroft - docx 30.66 KB
Mercer - pdf 107.91 KB
Patrick O’Shea - docx 25.16 KB
Paul Dwyer - docx 37.27 KB
QSuper - pdf 748.94 KB
Robert Latimer - docx 27.47 KB
SA superannuants - docx 35.41 KB
SMSF Association - docx 196.43 KB
UniSuper - docx 2.18 MB