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  • Abolition of the first home saver accounts (FHSA) scheme

    In the 2014-15 Budget, the government announced the following changes to abolish the first home saver accounts scheme:

    • New accounts from 7.30pm, Tuesday 13 May 2014 will not be able to access any concessions or the government contribution.
    • Eligibility for a government contribution will cease from 1 July 2014.  Existing account holders will continue to receive the government contribution for personal contributions made during the 2013-14 income year.
    • Tax and social security concessions will cease from 1 July 2015.  Existing account holders will continue to receive all tax and social security concessions associated with these accounts for the 2013-14 and 2014-15 income years.
    • Restrictions on withdrawals will be removed from 1 July 2015.

    Once the first home saver account scheme is abolished from 1 July 2015, these accounts will be treated like any other account held with a provider.

    The existing rules will continue to apply until the law is changed.

    Find out more

    End of find out more
    • Last modified: 21 Jun 2014QC 40099