Federal Budget 2017
10 May 2017
The Federal Budget 2017 contained three items affecting super and retirement:
- Allowing over-65s to contribute proceeds from downsizing their family home into super. This means an individual could contribute up to $300,000 as an after-tax contribution into their super.
- A First Home Super Saver Scheme, to help first home buyers build a housing deposit via voluntary contributions into their super. This proposal would allow individuals to contribute up to $15,000 a year (up to a maximum of $30,000 over multiple years) to be used for a deposit for their first home.
- Reinstatement of the Pensioner Concession Card for those impacted by the asset test changes introduced in January 2017.
To find out more - including when these changes will take effect - see the Federal Budget 2017 update.