Exciting News in the Pipeline for Prospective First Home Buyers
ATO Releases Draft Ruling on First Home Super Saver Scheme
Since 1 July 2017 first home buyers have been eligible for stamp duty exemptions under the First Home Buyers Assistance Scheme. The First Home Buyers Assistance scheme provides eligible purchasers with exemptions on transfer duty on new and existing homes valued up to $650,000 and concessions on duty for new and existing homes valued between $650,000 and $800,000.
Now, more good news might be on the way for First Home Buyers as the ATO has released a draft ruling providing guidance on the operation of the First Home Super Saver Scheme (FHSS Scheme).
The FHSS Scheme is designed to allow individuals who make voluntary contributions into the superannuation system on or after 1 July 2017, to withdraw those contributions (up to certain limits) and an amount of associated earnings for the purposes of purchasing their first home.
The draft ruling assists individuals and their advisors to determine whether they are eligible to access the scheme and provides information on how the scheme operates, including what an individual’s obligations are under the scheme
For those interested in further details a link to the draft ruling can be found here
In a constantly evolving landscape Duffy Elliott Lawyers stays up to date on all Stamp Duty Changes. If you would like more information regarding Stamp Duty obligations and possible exemptions, contact our experienced Property Law Team.