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.
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.