2017/2018 Update: New Housing Measures Passed into Legislation


Here is some good news for both aspiring and established homed owners...

Parliament has recently passed legislation which will allow first home buyers to save for a deposit inside superannuation through the First Home Super Saver Scheme (FHSSS), and which will also allow older Australians to 'downsize' and then contribute the proceeds of the sale of their family home into superannuation.

From 1 July 2018, here is how it will work:

  • A first home buyer will be able to withdraw voluntary superannuation contributions they have made since 1 July 2017 (up to $30,000 each, with individuals being able to contribute up to $15,000 a year within existing caps), along with a deemed rate of earnings, to help buy their home; and

  • When Australians aged 65 and over sell a home they have owned for at least 10 years, they may contribute up to $300,000 from the proceeds into their superannuation accounts, over and above existing contribution restrictions. Both members of a couple may take advantage of this measure, together contributing up to $600,000 from the proceeds of the sale into superannuation.

Want to know how these changes may benefit your financial plan? Get in touch with us and we will work it through with you.

Featured Posts
Recent Posts
Archive

CONTACT US

Head Office: Suite G.01

313 Canterbury Road

Canterbury  VIC  3126

By appointment, we can also meet with you via virtual options like Skype or GoToMeeting, or in person at locations in the Melbourne CBD, Mount Waverley and Southbank. 

(03) 9882 8288 | info@oakwealth.com.au

MEMBERSHIPS

OakWealth is an FPA Professional Practice. Oak Wealth Solutions Pty Ltd is an Authorised Representative of GWM Adviser Services Ltd (AFSL 230692)

FOLLOW US

  • Facebook Social Icon
  • LinkedIn Social Icon
  • Instagram-v051916

THE BLOG

ARE YOU READY TO START?

Ready to start your journey to
wealth and abundance? 

Contact us to book your
complimentary consultation.

Copyright © 2018 Oak Wealth Solutions Pty Ltd.  All rights reserved.  Yihsing Koo, Oak Wealth Solutions Pty Ltd (ACN: 143 070 946) ATF Oak Wealth Solutions Unit Trust (ABN: 657 966 722 37) and Oak Wealth Planning Pty Ltd (ACN: 158 930 422) ATF Oak Wealth Planning Unit Trust (ABN: 97 916 959 977) are Authorised Representatives of GWM Adviser Services Ltd (ABN: 96 002 071 749), Australian Financial Services Licensee, 105 - 153 Miller Street, North Sydney NSW 2060.

Terms and Conditions | General Advice Warning | Privacy Policy