Second Reading Speeches

Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures No. 1) Bill 2017

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

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Summary

Introduced with the First Home Super Saver Tax Bill 2017 to establish the First Home Super Saver Scheme, the bill amends: 10 Acts to enable first home savers to make voluntary contributions into the superannuation system and to withdraw those contributions and associated earnings for the purposes of purchasing their first home; and the

Income Tax Assessment Act 1997
and
Taxation Administration Act 1953
to allow an individual aged 65 years or over to use the proceeds of one sale of their main residence to make contributions (downsizer contributions) of up to $300 000 to their superannuation.