Tax Facts

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Tax Facts

In today’s ever-changing market the complexity in providing the most appropriate Accounting and Tax advice is paramount. Every business in every range of profitability requires financial reporting that can be the basis of their growth and ultimate success. We provide accounting services designed for both the expected and the unexpected, guiding our clients through the full range of tax planning strategies that minimize liabilities. Our expertise, experience, analysis, allow us to optimize financial opportunities to be found in existing as well as recently altered tax laws.

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    Tax Facts - First Home Saver Accounts

    If you open a first home saver account, the ATO will add money to your account and tax your earnings at 15% to help you save for your first home. The more money you save, the more the government will contribute (up to a certain limit each year).  The current contribution threshold on First Home Saver accounts is $5,500 which makes the maximum annual Government contribution an account holder can receive $935.

    When you have a first home saver account you will need to keep the money in the account for a minimum period of time. Once that time has passed and you make the decision to buy or build your first home, you will have to withdraw all the money at once and close the account. You will then need to use the money as a deposit or to meet other costs you incur as a result of buying or building your first home.


    To open a first home saver account, you must:

    • Be between 18 and 65 years old
    • Have a tax file number you can quote in your application
    • Not have previously owned a home in Australia that has been your main residence
    • Not have previously had a first home saver account

    MORE: Learn more about First Home Saver Accounts on the ATO website.