Tax Savings Strategy 214 – First Home Saver Scheme
From 1st July 2018 onwards, the individual will be able to withdraw these contributions and associated earnings for a first home deposit. Withdrawals will be taxed at an individual’s marginal tax rate, less a 30% tax offset. If an average wage earner on $80,000 a year uses the scheme over two years, saving $15,000 a year, they will save $5,000 in tax (or $10,000 for a couple).
"You’d be stupid not to try to cut your tax bill and those that don’t are stupid in business"
- Bono: U2