Reducing the pressure on housing affordability
The introduction of legislation into Parliament will help to
reduce pressure on housing affordability for first home buyers and downsizers.
The First Home Super Saver Scheme (FHSSS), announced in this
year’s Budget, will give first home savers the ability to accelerate their
savings by at least 30 per cent.
First home buyers will be able to save for a house deposit
within their superannuation by making voluntary contributions of up to $15,000
per year and $30,000 in total into their superannuation account.
These measures, combined with the broader housing
affordability package announced in the Budget, demonstrate real action from the
Coalition Government to reduce housing affordability pressures for all
Australians, including in the Electorate of Parkes.
These contributions, which are taxed at the discounted rate
of 15 per cent, along with deemed earnings, can be withdrawn for a deposit from
1 July next year. Withdrawals will be taxed at marginal tax rates less a 30 per
With many Australians now entering the housing market later
in life, this initiative will encourage first home buyers to save for a deposit
The Government has also introduced legislation to allow
older Australians to contribute the proceeds of the sale of their family home
From 1 July 2018, people aged over 65 will be able to make
an additional non-concessional contribution of up to $300,000 into
superannuation when they sell their home which they’ve held for at least 10
years. Both members of a couple can take advantage of this measure, meaning up
to $600,000 of contributions may be made by a couple.
First Home Buyers can also get an indication of how the
scheme can benefit them by visiting: www.budget.gov.au/estimator
Call for nominations for inaugural Veterans’ Employment Awards
Businesses and veterans in the Electorate of Parkes are urged to nominate for the inaugural Veterans’ Employment Awards.
The Awards will recognise businesses and organisations that have created employment opportunities for veterans and spouses of serving Defence members. It will also recognise veterans who have made significant contributions to their workplace.
The Veterans’ Employment Awards have been established as part of the Prime Minister’s Veterans’ Employment Initiative, which aims to improve the post-service employability of veterans.
Nominations for the Veterans’ Employment Awards are open until 22 December 2017 and can be submitted at www.veteransemployment.gov.au
Have your say in Education Review
Residents in the Electorate of Parkes are invited to have their say on local education issues as part of an independent review into regional, rural and remote education in Australia.
Public forums are being held in in Narrabri on 19 September and Dubbo on 20 September and everyone with an interest in the educational outcomes of students is encouraged to get involved.
The review, led by Emeritus Professor John Halsey of Flinders University, will consider the challenges, barriers and successes that impact on students’ education outcomes, including transition to further study, training and employment.
The inquiry is particularly keen to hear from members of the education community, families, employers, government agencies and the philanthropic sector about how best we can support regional, rural and remote students to succeed in school and beyond.
For further information about the independent review into regional, rural and remote education visit: https://www.education.gov.au/independent-review-regional-rural-and-remote-education