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  • First home super saver scheme

    On 9 May 2017, the Government announced that from 1 July 2018 individuals will be able to apply to withdraw voluntary contributions made to super after 1 July 2017 for a first home deposit.

    Voluntary contributions include:

    • undeducted (non-concessional) personal contributions
    • deducted (concessional) personal contributions
    • salary sacrifice contributions.

    Up to $15,000 of voluntary contributions made in a financial year count towards the amount that can be released.

    The maximum amount that can be released is $30,000 of personal contributions plus associated earnings.

    Concessional contributions and earnings that are withdrawn will be taxed at marginal rates less a 30 per cent offset.

    Further details of the amounts and types of contributions that can be made under this scheme can be found in the First Home Super Saver Scheme Fact SheetExternal Link.

    Contributions made under this scheme are not a new type of contribution. They are voluntary contributions made to your superannuation fund(s). You do not need to notify your fund that these contributions are being made for the purpose of this scheme, and do not need to establish a separate special account with your fund.

    Legislation and supporting material

    The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017External Link and First Home Super Saver Tax Bill 2017External Link were introduced to Parliament on 7 September 2017.

    Once the law is enacted, we will have updated information available on our website, or alternatively, you can call us on 13 10 20 between 8.00am and 6.00pm Monday to Friday.

    It is emphasised that this measure is yet to be legislated, and under the current law it is not possible to withdraw superannuation contributions to buy a house. Therefore, if the law does not get enacted, any voluntary contributions made for the purpose of withdrawing them under this scheme, will remain in superannuation until such time that they would ordinarily be able to be released.

    See also:

      Last modified: 15 Nov 2017QC 51997