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On 9 May 2017, the Government announced that from 1 July 2018 individuals will be able to apply to withdraw voluntary contributions made to super after 1 July 2017 for a first home deposit.
Voluntary contributions include:
- Undeducted (non-concessional) personal contributions
- Deducted (concessional) personal contributions
- Salary sacrifice contributions.
Up to $15,000 of voluntary contributions made in a financial year count towards the amount that can be released.
The maximum amount that can be released is $30,000 of personal contributions plus an associated deemed earnings amount.
Concessional contributions and earnings that are withdrawn will be taxed at marginal rates less a 30 per cent offset.
Source: https://www.ato.gov.au/General/New-legislation/In-detail/Super/First-home-super-saving-scheme/
