First Home Saver Accounts
In the 2007 Federal Election the Government committed to establish First Home Saver Accounts to assist Australians aged 18 and over to save for their first home.
On 8 February 2008, a consultation paper was released outlining the proposed features of the accounts and how they would operate. The Government undertook an extensive consultation process and sought comments from the community and industry on the details of the accounts by 7 March 2008. The Government received over 150 submissions from individuals, businesses and organisations.
First Home Saver Accounts are the first of their kind in Australia and provide a simple, tax effective way for Australians to save for their first home through a combination of Government contributions and low taxes.
First Home Saver Accounts have been available from 1 October 2008.
For more information please visit the Tax Office Website at www.ato.gov.au.