2017 Federal Budget..what we know so far

With the Federal Government due to release it’s 2017 budget tonight here is a heads up on what has already been made on some key announcements about the housing industry and how this may affect you.


• First-home buyers will benefit from a new type of savings account that allows them to salary-sacrifice contributions towards a deposit from their pre-tax pay. They won’t be able to dip into superannuation, as was suggested earlier this year.

Retired couples who downsize by selling their homes will be offered exemptions from new superannuation caps of $100,000 in after-tax contributions and $1.6 million in retirement accounts.

A “ghost house tax” will be imposed on foreign investors who leave their properties vacant, a practice known as “land banking”.

• A “bond aggregator model” will enable loans to community housing associations at lower long-term rates to encourage investment.

The Government has ruled out doing much to reduce demand, including changes to negative gearing or capital gains tax concessions.

Go to http://www.budget.gov.au/ to see what else will be included

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2017 Federal Budget..what we know so far