Bill
First Home Super Saver Tax Bill 2017
passed, as at 2017-12-13. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2017-09-07
- second reading — 2017-09-07
- second reading — 2017-10-17
- second reading — 2017-10-18
- second reading — 2017-10-18
- third reading — 2017-10-18
- introduced — 2017-10-18
- second reading — 2017-10-18
- second reading — 2017-12-04
- second reading — 2017-12-05
- second reading — 2017-12-05
- committee — 2017-12-05
- third reading — 2017-12-05
- passed — 2017-12-05
- royal assent — 2017-12-13
Divisions
- The majority voted against a [motion](https://www.aph.gov.au/Parliamentary_Business/Hansard/Hansard_Display?bid=chamber/hansardr/a923c04b-f8ae-47fa-a4b3-94f3cba5886d/&sid=0000) to reject the main idea of the bills. In parliamentary jargon, they voted against refusing to read the bills for a [second time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). This means that the House can continue to consider the bills. ### What is the bills' main idea? The bills were introduced to establish the First Home Super Saver Scheme. Together they will: * *enable first home savers to make voluntary contributions into the superannuation system and to withdraw those contributions and associated earnings for the purposes of purchasing their first home;* * *allow an individual aged 65 years or over to use the proceeds of one sale of their main residence to make contributions (downsizer contributions) of up to $300 000 to their superannuation; and* * *impose a first home super saver tax on individuals who have not entered into a contract to purchase or construct their first home or recontributed the required amount into superannuation.* Read more about the bills and their purpose in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd043). ### Motion text > *That all words after 'That' be omitted with a view to substituting the following words:* > *'The House declines to give the bill and related bill a second reading as:* > *(1) the First Home Super Saver Scheme will do nothing to address housing affordability but will instead work to undermine Australia’s world class superannuation system; and* > *(2) any housing affordability package that does not include reforms to negative gearing and capital gains tax is a sham.'* — 2017-10-18, House of Representatives: negative, ayes 67, noes 76
- The majority agreed with the bills' main idea, which means they can now discuss them in more detail. In parliamentary jargon, they voted to read the bills for a [second time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). ### What is the bills' main idea? The bills were introduced to establish the First Home Super Saver Scheme. Together they will: * *enable first home savers to make voluntary contributions into the superannuation system and to withdraw those contributions and associated earnings for the purposes of purchasing their first home;* * *allow an individual aged 65 years or over to use the proceeds of one sale of their main residence to make contributions (downsizer contributions) of up to $300 000 to their superannuation; and* * *impose a first home super saver tax on individuals who have not entered into a contract to purchase or construct their first home or recontributed the required amount into superannuation.* Read more about the bills and their purpose in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1718a/18bd043). — 2017-12-05, Senate: affirmative, ayes 35, noes 30
Plain-language summary
No machine-written summary in this export.
Sources
em
billhome
frl act