First Home Super Saver Scheme

From 1 July 2018, with respect to contributions made from 1 July 2017, first home buyers will be permitted to withdraw eligible super contributions to pay for a first home deposit.

The scheme allows first home contributions of up to $15,000 per year (ie. up to $30,000 in total), subject to the contribution caps.

Withdrawals will be taxed at marginal rates, less a 30% tax offset.

The recently registered regulations require the ATO withhold based on estimates, having regard to any recent notices of assessment and PAYG withholding amounts.

Where it is unable to make such an estimate, the ATO will withhold at a default rate of 17%.