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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.

    Tax and Superannuation Laws Amendment (2015 Measures No. 1) Bill 2015External Link was introduced into Parliament on 27 May 2015.

    This web page will be regularly updated to reflect progress.

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    • Last modified: 29 May 2015QC 40099