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ALP offers tax breaks for house deposits The Labor Party yesterday outlined its $600 million policy to help improve housing affordability. If elected, a Labor government would help people to save the deposit for a home through tax concessions on a special savings account for up to $64,000. The scheme would require a minimum deposit of $1,000 each year but would allow up to $5,000 to be added pre-tax and a further $5,000 of post-tax income annually. Similar to superannuation savings, pre-tax contributions would be taxed at a rate of 15 per cent but deposits must not be touched for four years and can only be released tax-free if used for a deposit for a home. If the account holder decides not to purchase a home then the tax benefit can be retained by rolling the funds into superannuation.
By The The Australian
05 November 2007 |
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