subscribe to our newsletter
CFS highlights flaw in housing super saver scheme

CFS highlights flaw in housing super saver scheme

Miranda Brownlee
29 May 2017

The way in which funds are released under the current proposal for the First Home Super Saver Scheme could be problematic for properties purchased at an auction, says Colonial First State.

Under the proposal for the First Home Super Saver Scheme, there is an issue in terms of when the money gets released for the purchase of a property, according to CFS executive manager Craig Day.

“At the moment, they’re thinking that once you’ve bought your house, you then take the contract and give it to the ATO and they’ll give you the release amount,” Mr Day said.

“That causes a little bit of a problem because if you go along to an auction, you’ve got to provide a deposit, so how are you actually going to do that?”

Mr Day said Treasury is working on solutions for how the scheme can work with these sorts of property purchases.

CFS highlights flaw in housing super saver scheme
smsfadviser logo
  • 23
    Days
  • 07
    Hours
  • 54
    Minutes
  • 01
    Seconds

SMSF Summit is nearly here!
Have you got your ticket?

join the discussion

What do you plan to do in response to the new adviser education standards?

SUBSCRIBE TO THE
SMSF ADVISER BULLETIN

Get the latest news and opinions delivered to your inbox each morning

In this month's issue:

  • Time wrap
  • The tech bull run
  • From hobby to passion
  • Golden Years
  • An untimely reminder
  • Why change is so difficult
  • Key Strategies for equalising super