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 Concessional contributions and earnings that are withdrawn will be taxed at marginal rates less a 30 per cent offset.