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Australian Parliament Passes Property Tax Reforms

by Mary Swire, Tax-News.com, Hong Kong

12 December 2017


The Australian Parliament has passed proposed property tax incentives for first-time buyers and for those looking to downsize.

The First Home Super Saver Scheme (FHSSS) will:

  • Enable individuals to contribute up to AUD30,000 (USD22,593) – up to AUD15,000 a year within existing caps – into superannuation, with a couple able to contribute up to AUD60,000, with the aim of "supercharging" their deposit savings; and
  • From July 1, 2018, permit first-time buyers to withdraw voluntary superannuation contributions they have made since July 1, 2017, along with a deemed rate of earnings, to help purchase their property.

A separate downsizing measure, aimed at older Australians who are considering moving property will mean that:

  • From July 1, 2017, when Australians aged 65 or over sell a home that they have owned for at least 10 years, they will be able to contribute up to AUD300,000 from the proceeds into their superannuation accounts, over and above existing contribution restrictions; and
  • Both members of a couple will be able to take advantage of the measure, together contributing up to AUD600,000 from the proceeds of the sale into their superannuation.

TAGS: individuals | tax | pensions | property tax | tax incentives | Australia | tax breaks

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