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New Home Savings Funds

 

Announcements (extremely brief on any substance) have been made about the intention to provide concessions on tax for savings commenced for new home buyers.


 

Lower rates of tax may apply on the earnings of these specially designated accounts and the withdrawal not subject to tax if used by a first home buyer.

Initial impressions are that it could be flexible enough to allow Parents/Grand Parents to assist their children in acquiring property, because the contributions do not have to be from the home buyer.

Watch for further updates.

 

 

 

 

 

 

 

 



18th-April-2008