First home saver account

[J_Moore]

Does the contribution cease 1 July mean that this FY won't get co contributed? Because the contribution is paid after the FY?

If you contribute this financial year, you'll still receive your co-contribution when you lodge your tax return or however it's been done previously.

 

[samFFC]

If you contribute this financial year, you'll still receive your co-contribution when you lodge your tax return or however it's been done previously.

Okay great thanks for that!

 

[superfraser]

Are these changes locked in place? Or do they need to be approved in parliament or something?

 

[samFFC]

Are these changes locked in place? Or do they need to be approved in parliament or something?

FHSA's were legislated, so presumably would also need Parliamentary approval to remove. But hardly see this as being a big issue for a Division.
http://homesaver.treasury.gov.au/content/enquiries.asp

 

[Ronnie Baby]

Sad these were killed off; but it will be good to get these funds back in July.

 

[superfraser]

I'm glad they've been killed off. I'm looking forward to getting my money out and using it to invest in areas other than property.

 

[Ronnie Baby]

I'm glad they've been killed off. I'm looking forward to getting my money out and using it to invest in areas other than property.

I'm indifferent about it; I wasn't planning on buying property for a while but losing the 17% interest will be a kick in the guts.

 

[manboob]

Anyone got any idea on how one gets the money out? Does it just turn into a normal account? Or is there a s**t tonne of paperwork? (I guess it varies bank to bank)

 

[superfraser]

Turns to normal account is my understanding.

I've forgotten, can we make big money on this financial year? Should I dump a large deposit in before July?

 

[manboob]

I've got no idea. I just assumed Government contributions were stopped/backdated to last year otherwise lots of people would load up. No idea though.

 

[samFFC]

This explains it :
https://www.ato.gov.au/Individuals/First-home-saver-account/

No contribution for 14/15 financial year.
You get a normal savings account after.

I'm with ME Bank, I called them and they said they'd be following up with customers in the lead up to 30 June to see what we want to do. Have options of withdrawal to a different account, or maintaining a savings account with them.