The First Home Super Saver Scheme (“FHSSS”) enables first home buyers to save for a home deposit within superannuation. The tax concessions on superannuation contributions and on investment earnings within superannuation mean that the Scheme offers very real benefits. However the limits on contributions which are eligible under the Scheme also mean that for most people it will only form one part of their savings for a home deposit.

We have developed a FHSSS calculator which:

• estimates the amount which could be saved within the Scheme; and
• compares this with what could be saved if, instead of making contributions to a superannuation account, an equivalent amount were saved outside of superannuation.

This paper considers various aspects of the FHSSS, and issues in comparing savings within the Scheme and savings outside of superannuation, which arise in the context of this calculator.

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