Voluntary superannuation contributions of up to $15,000 per year, and $30,000 in total, can be contributed by first homebuyers from 1st July 2017. The contribution must be within existing concessional and non-concessional contribution caps. Concessional contributions and their earnings will be taxed at 15%.
These contributions can then be withdrawn, along with associated deemed earnings, for a first home deposit, from 1st July 2018 onwards. Concessional contributions and their earnings that are withdrawn will be taxed at the taxpayer’s marginal tax rate less a 30% offset. Non-concessional contributions withdrawn will not be taxed.