If you’re a first-home buyer …
Young people saving for a deposit on their first home will be able to use their superannuation as a sort of supercharged savings account.
From July 1, savers will be able to salary sacrifice from their pre-tax income extra amounts over the compulsory superannuation contribution, up to a maximum of $30,000.
You will be able to withdraw that cash, along with any earnings, from July 1, 2018. The deposit will attract the tax benefits of superannuation — contributions and earnings will be taxed at 15 per cent, and withdrawals will be taxed at 30 per cent below the marginal tax rate. Treasurer Scott Morrison says the scheme will accelerate savings by “at least 30 per cent” compared with a typical deposit savings account.
Source:
http://www.news.com.au/finance/economy/federal-budget/budget-2017-what-it-means-for-you/news-story/23ef73b663adcfd96dd0976937bbd6c4
