Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon Scott Morrison MP)Statement of Compatibility with Human Rights
Prepared in accordance with Part 3 of the Human Rights (Parliamentary Scrutiny) Act 2011
First home super saver scheme
1.234 This Schedule is compatible with the human rights and freedoms recognised or declared in the international instruments listed in section 3 of the Human Rights (Parliamentary Scrutiny) Act 2011.
Overview
1.235 This establishes the First Home Super Saver Scheme, which allows individuals who are saving for their first home to take advantage of the concessional taxation arrangements that apply to the superannuation system.
1.236 Under the First Home Super Saver Scheme, first home savers who make voluntary contributions into the superannuation system can withdraw those contributions (up to certain limits) and an amount of associated earnings for the purposes of purchasing their first home. Concessional tax treatment applies to amounts that are withdrawn under the Scheme.
Human rights implications
1.237 The Schedule does not engage any of the applicable rights or freedoms.
Conclusion
1.238 This Schedule is compatible with human rights as it does not raise any human rights issues.