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Brief
The First Home Super Saver Tax Act 2017 is an Act that imposes first home super saver tax and deals with related purposes. The Act was assented to on December 13, 2017.
This Act provides for a new tax measure aimed at helping Australians save for their first home. The tax is imposed under section 313-60 of the Income Tax Assessment Act 1997 and is payable by individuals who meet certain criteria.
The amount of the first home super saver tax is 20% of the person's assessable FHSS released amount, as defined in the Income Tax Assessment Act 1997. The Act also provides for the commencement of certain provisions, with some commencing on July 1, 2018.
In essence, this Act aims to provide a new tax incentive for individuals who are saving for their first home through superannuation.
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