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First home saver account

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For the Canadian equivalent, see First Home Savings Account.
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First Home Saver Accounts (FHSAs) were a 2007 election policy of the Australian Labor Party under the First Home Saver Account Act. They were available to Australians from 2008 to 2015.

History

For each dollar contributed to a FHSA during a financial year, the government contributed 17 cents up a specified limit. This limit would increase through indexation. In 2010, Treasurer Wayne Swan announced changes to the operation of FHSA accounts. Previously, when a FHSA holder purchased a house, thus making them ineligible to hold a FHSA, the funds in their FSHA would be transferred to their superannuation account. Under the proposed changes, the Government would allow funds in a FHSA to be paid into an approved mortgage after the FHSA holder satisfied the four year rule. On 10 May 2011 it passed both houses, receiving royal assent on 25 May 2011. According to sub-clause 2(1) of the Bill, the changes to the FHSA Act became law on 26 May 2011.

In the December 2013 quarter, the Australian Prudential Regulation Authority website stated that there were 46,000 FHSAs containing A$521.5m.

References

  1. "Abolishing the First Home Saver Accounts Scheme". Ministers Treasury. Retrieved 1 April 2024.
  2. "FIRST HOME SAVER ACCOUNTS ACT 2008 - SECT 38 Amount of Government FHSA contribution". www.austlii.edu.au. Archived from the original on 10 June 2011.
  3. "FIRST HOME SAVER ACCOUNTS ACT 2008 - SECT 39 Government FHSA contribution threshold". www.austlii.edu.au. Archived from the original on 10 June 2011.
  4. ^ "Press Release - Helping Australians Buy Their First Home by Increasing Flexibility of First Home Saver Accounts [11/05/2010]". Archived from the original on 10 September 2010. Retrieved 17 December 2019.
  5. "Guide to first home saver accounts". Archived from the original on 30 March 2011. Retrieved 17 December 2019.
  6. "ParlInfo - Family Assistance and Other Legislation Amendment (Child Care and Other Measures) Bill 2011". Parlinfo.aph.gov.au. Retrieved 5 May 2022.
  7. Tax Laws Amendment (2011 Measures No. 1) Bill 2011 parlinfo.aph.gov.au
  8. "Pages - First Home Saver Accounts". www.apra.gov.au. Archived from the original on 27 February 2012.
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