CEL Group
  • Home
  • About
  • CEL Accountants
    • Accounting Service Packages
    • Business Advisory
  • CEL Consulting
  • CEL Legal
  • Les Freedman & Co
  • Newsletters
  • Resources and Links
  • Contact

Resources and Links

Budget 2017: What Queensland first home buyers need to know about it?

12/5/2017

0 Comments

 
Picture
Picture
IF you’re a first homebuyer in Queensland, this is the lay of the land in the wake of the federal budget. You now have more incentive to get a foot on the property ladder, but put these dates in your calendar to take full advantage of the savings measures.

From July 1, you can start saving for a home deposit by salary sacrificing into your super fund.

Withdrawals will be taxed at a lower rate, but the amount you can contribute is capped at $15,000 a year and $30,000 all up.

Both members of a couple can take advantage of the scheme. The Government says this will help first home buyers to save a house deposit 30 per cent faster.

But while one measure is being introduced, part of another will be taken away.

From midnight on June 30, the Queensland government’s $5000 increase to the first home buyers grant expires, so you only have about seven weeks to build or buy a new home in the state before it reverts back to the original $15,000.

The First Home Buyers Stamp Duty Rebate — up to $8,750 — still applies for all first home buyers who are buying an existing home or building a new home in Queensland, when the value of the property is less than $550,000.

Another measure in the budget that could free up more family homes and ease house prices is enabling downsizers over the age of 65 to make a non-concessional contribution of up to $300,000 into their super fund from the proceeds of the sale of the family home.

QUEENSLAND FIRST HOME BUYERS — WHAT YOU NEED TO KNOW
*June 30 — Queensland First Home Buyers Grant increase expires, dropping from $20,000 to $15,000
*July 1 — The First Home Super Saver Scheme kicks in, allowing first home buyers to funnel up to $30,000 into their super account at a lower tax rate
*The First Home Buyers Stamp Duty Rebate still applies for buying an existing home or building a new home when the value of the property is less than $550,000

Source: RealEstateNews

0 Comments



Leave a Reply.

      Contact Us

    Submit

    Archives

    August 2020
    November 2019
    August 2019
    October 2018
    June 2018
    May 2018
    April 2018
    March 2018
    January 2018
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017
    June 2017
    May 2017
    April 2017
    March 2017
    February 2017

    Categories

    All
    Accounting
    Business Innovation
    Consulting
    Legal
    Migration
    Realty
    Skilled Visa
    Temporary Work Visa
    Visa 188
    Visa 457
    Working Visa

62 Sanders Street UPPER MOUNT GRAVATT QLD 4122
​

Contact Us

Submit
  • Home
  • About
  • CEL Accountants
    • Accounting Service Packages
    • Business Advisory
  • CEL Consulting
  • CEL Legal
  • Les Freedman & Co
  • Newsletters
  • Resources and Links
  • Contact