There seems to be lots of confusion around the first home buyers super scheme. There is plenty of information on who is eligible and how to contribute but none on the benefit - specifically savings.
I am eligible and will earn 67K in the 2017-2018 financial year. Could you please explain (and provide details) as to the tax savings I would make from the following scenario:
I salary sacrifice and ask my employer to make $1,000 before tax contributions every fortnight for 10 fortnights. This means I have accumulated $10,000 in super savings this financial year. I then apply and successful withdraw those contributions this financial year to use as a deposit for an apartment.
How would doing this benefit me any more than saving my $1,000 per fortnight in savings account with my bank.