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First Home Saver Accounts - Consultation Paper

Date:

Friday, 8 February 2008

Content ID:

1341

Abstract:

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.

Further details are contained in the supporting publication, First Home Saver Accounts.

Comments and submissions can be forwarded to the following address:

General Manager
Personal and Retirement Income Division
The Treasury
Langton Crescent
PARKES ACT 2600

Email: homesaver@treasury.gov.au

Resource Address:

This document is an external resource and can be viewed in a new browser window by following the link to http://www.homesaver.treasury.gov.au.

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