First Home Saver Account Scheme- Rates & Thresholds

First Home Saver Account Scheme- Rates & Thresholds

Are you?	- Saving for your first home?
At a glance:	- Updated rates & thresholds have been released for taxpayers to determine how much they can benefit under the First Home Saver Account scheme.
You should:	- Be aware of the new rates & thresholds for the First Home Saver Account Scheme. - Contact us if you require any clarification or advice.

1.	First Home Saver Accounts are a type of investment account designed to help Australians boost their savings for a deposit on their first home.
2.	Under the First Home Saver Account scheme, taxpayers receive Government co-contributions and concessional tax treatment on the earnings of the accounts.
3.	From July 1, 2010 taxpayers can have a balance of up to $80,000 in their First Home Saver Account before they lose access to the concessions under the scheme.
4.	The maximum Government contribution is $935 for contributions of up to $ 5,500.
5.	For more information on First Home Saver Accounts visit the Tax Office website at www.ato.gov.au