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Use some of your super to help you buy your first home

You may be able to withdraw some of the super you have saved in your APSS member savings account to help you buy your first home. Your spouse/partner may also be able to do this, so you might have more than you think to help you buy your first-home. This initiative was first announced in the May 2017 Federal Budget, and passed into law in December 2017. It is designed to enable first-home buyers to save their deposits faster with the concessional tax treatment within super. The maximum amount of contributions that can be counted towards release under the scheme are $15,000 per financial year and $30,000 in total. Amounts withdrawn are generally subject to concessional tax treatment. Go to budget.gov.au/estimatorOpens in new window to learn more.

If you’re downsizing from your existing home – you can now put more into super

If you’re 65 years old or over and own your main residence, you might be ready to sell your home and ‘downsize’ to a smaller property. If you do so, you may be able to contribute some or all of the proceeds of the sale to your superannuation, which may be a more tax-effective way of investing those proceeds. Read the article on pages 6-7 of the March 2018 quarter’s edition of Insight Opens in new window for more information.