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First Home Buyers Super Scheme Benefit

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Newbie

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Replies 1

Hi, 

 

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. 

 

Thank you, 

Casey 

 

 

1 ACCEPTED SOLUTION

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Best answer

Newbie

Replies 0

OK so here is how it is working in my head at the moment;

 

Option 1: Save the money myself

Income

$67,000

 

Total tax bill

-$13,332

 

 

Option 2: Save 10k in super

Income

$57,000

 

Income tax

-$10,072

 

Super Account

$10,000

 

 

15% tax

-$1,500

 

32.5% withdrawal tax (less 30%) = 2.5%

-$212.50

 

Total tax bill

-$11784.5

 

So I would be $1,547.5 better off if I salary sacrificed $10,000 into my super account to use to buy a home this year?

 

Please shoot holes through my theory.

 

Thanks

1 REPLY 1
Highlighted

Best answer

Newbie

Replies 0

OK so here is how it is working in my head at the moment;

 

Option 1: Save the money myself

Income

$67,000

 

Total tax bill

-$13,332

 

 

Option 2: Save 10k in super

Income

$57,000

 

Income tax

-$10,072

 

Super Account

$10,000

 

 

15% tax

-$1,500

 

32.5% withdrawal tax (less 30%) = 2.5%

-$212.50

 

Total tax bill

-$11784.5

 

So I would be $1,547.5 better off if I salary sacrificed $10,000 into my super account to use to buy a home this year?

 

Please shoot holes through my theory.

 

Thanks