SMSF – ATO finalises its position in relation to event-based reporting
After detailed consultation with the self-managed super fund (SMSF) sector, the ATO announced today that its i
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:
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Concessional contributions and earnings that are withdrawn will be taxed at marginal rates less a 30 per cent offset.