Treasury has called for submissions in relation to the draft legislation governing the First Home Super Saver Scheme and the downsizing contribution measures contained in the 2017 federal budget.
Submissions can be made electronically or by post, but Treasury has specified it would prefer electronic correspondence.
Access to submissions will be provided to the public via the Treasury website with all information being disclosed unless otherwise communicated. Interested parties have been asked to submit any information they would like kept confidential marked in a separate attachment.
However, parties making submissions have been warned legal requirements, such as those imposed by the Freedom of Information Act 1982, may mean requests for confidentiality cannot be honoured.
Submissions close on 4 August 2017.
The First Home Super Saver Scheme was announced as a budget measure in 2017.
It allows individuals to salary sacrifice a maximum of $30,000 into their superannuation fund with the express purpose of using these funds to aid the purchase of their first residential dwelling.
These contributions, along with associated earnings, will, at a point in time, be able to be used to help purchase an individual’s first home.
The downsizing provision contained in this year’s budget will allow individuals aged 65 or over to make a non-concessional contribution of up to $300,000 from the proceeds of the sale of their main residence with a view to moving to a smaller place of abode.
This type of contribution will be allowed regardless of any other superannuation cap restrictions that would otherwise prevent further retirement savings contributions from being made.
