HOW TO SAVE MORE FOR YOUR FIRST HOME ( The First Home Super Saver Scheme explained step by step )

Are you looking at buying your first home the First Home Super Saver Scheme can boost your deposit. Here's how to use it.

There are three important things to know about voluntary super contributions:

1.You can make an arrangement with your employer to salary sacrifice into super; or

2.You can make a voluntary contribution from your after-tax income (such as existing savings) and claim a tax deduction when you file your tax return. To be eligible for the deduction, you need to fill out a "notice of intent" form, send it to your super fund and receive an acknowledgment.

3.There is a cap on the amount of "concessional" or tax-advantaged contributions you can make each financial year. The cap is $25,000 for 2020/2021 financial year, but may be higher if you haven't used the full cap in previous years. Importantly, the cap includes contributions by your employer. If you exceed the cap, you won't get a tax break for voluntary super contributions. You can check your available contributions cap using the ATO's service in your MyGov account.

At the moment, first-home buyers can withdraw a maximum of $30,000 of voluntary contributions under the scheme.

However, the Government recently announced changes, due to kick in from July 1, 2022, to increase the maximum releasable amount to $50,000.

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HOW TO SAVE MORE FOR YOUR FIRST HOME ( The First Home Super Saver Scheme explained step by step )

For example, if you're earning $60,000 a year, your tax rate outside super is 34.5 per cent, including the 2 per cent Medicare levy.

Meanwhile the effective tax rate of a voluntary concessional contribution to your super is only 15 per cent.

By putting the money in super, you reduce your taxable income, which means you effectively pocket the difference.

"Say you wanted to save $15,000 [in the FHSS scheme], which is the maximum [per financial year], $15,000 pre-tax is only $9,825 in your own name. But it's worth $12,750 in super,"

https://www.abc.net.au/everyday/how-the-first-home-super-saver-scheme-works/100221142?fbclid=IwAR2PqO8vxSmwzZ5tGv4TEFxG2UhPRVOvncjKR1_BboaR4lGzh4ZnkWNfVdc

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Disclaimer: I’m not a financial advisor. The information contained in this video is for educational and entertainment purposes only. Any recommendations shown during the video should not be considered financial advice and you should consult a licensed financial advisor before making any investment decisions. Books I have read and highly recommend if you are just starting out on your investing journey I recommend starting at the top of your list and working your way down.

Видео HOW TO SAVE MORE FOR YOUR FIRST HOME ( The First Home Super Saver Scheme explained step by step ) канала Neil Denize