• Cecilia Chen

First Home Owner, Super Saver Scheme

Saving for your first home? Then there is most definitely going to be a use of using the Super Saver Scheme.

Up to $15,000 can be made as a voluntary contribution annually that will count towards the amount that can be released. Super contributions for this are taxed at 15% initially. The maximum amount that can be contributed into the first home saver super account is $15,000 per annum and $30,000 in total per person.

When you withdraw for your home purchase you will be taxed again at applicable tax rate for that year, less a 30% offset.

To demonstrate the impact the Super Saver can have an example is below:

At a tax rate of 35%, if you deposited maximum of $30,000 into your super account over two years. The tax saving would be $30,000 x (35% - 15%) = $6,000. When you take the $30,000 out from your super fund, assume that you are still on a tax bracket of 35%.You will be paying tax of $30,000 x (35% - 30%) = $1,500. Overall, you would be gaining $4,500 ($6,000 - $1,500) plus earning and growth.

#supersaver #homedeposit #firsthome #firsthomebuyers #taxsavings #tax #superfund #voluntarycontribution

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The Great Bean Counters are Registered Tax Accountants offering accounting services to Brisbane’s Western Suburbs including but not limited to: Moggill, Chapel HillKenmore, Fig Tree Pocket, Indooroopilly, Upper Brookfield, Brookfield, Pullenvale, Pinjarra Hills, Bellbowrie, Anstead, Mount Crosby, Kholo, Kenmore HillsKarana Downs, Indooroopilly, Taringa and Toowong.

We are a Brisbane based accounting firm.

*Liability limited by scheme approved under Professional Legislation

 ABN: 19 617 763 836