Whether your job at the Qantas Group is your first full time role or simply the latest stopover on your career journey, now is the time to get excited about your super and learn how you can make the most of it.
What do you mean? Retirement’s still years away!
That may be true, but there’s actually a lot you can do with your super before you retire – and the day you open an account in your new super fund is the perfect time to start making the most of it.
1. Making contributions could be a tax-effective way to invest
2. Save for a house with the First Home Super Saver Scheme
Buying a property is still, for many, the Great Australian Dream. Unfortunately, statistics show it’s getting harder for many Australians.
According to the Australian Bureau of Statistics, home ownership has fallen from 70% of households in 1998 to 66% in 2018 – the lowest proportion of home ownership since the ABS began tracking this data in 1994.
That’s why the Government introduced the First Home Super Saver (FHSS) Scheme in 2017. It aims to help more Australians buy their first home by giving them a vehicle through which to save up for a deposit.
If you’re a first home buyer and the following apply to you, you might be eligible to participate in the FHSS scheme:
- You either live in the premises you’re buying or intend to as soon as practicable; and
- You intend to live in the priority for at least six months within the first 12 months you own it, after it’s practical to move in.
Under the FHSS scheme, you can apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $30,000 contributions across all years. You’ll also receive the earnings that relate to those contributions.
There are a number of important things to know about the FHSS – learn more.