|
Written by Georgina Anderson
|
|
Tuesday, 13 November 2007 |
 The Coalition has a strong and economically responsible plan to make home ownership more affordable for first home buyers in Australia.
If re-elected, the Coalition will introduce Tax Free Home Savings Accounts, release 10 major parcels of land across Australia and implement a wide range of measures to help remove obstacles to
affordable housing.
Tax Free Home Savings Accounts will help young Australians and first home buyers save for a home:
- Tax Free Home Savings Accounts for Children will be available to all Australians under 18 years of age.
Parents and family members will be able to contribute up to a total of
$1,000 between them each year to an account. The contribution will be
tax deductible. Savings in the account will be available to purchase a
first home once the account holder turns 18; and
- Tax Free Home Savings Accounts for Adults will also be available to Australians aged from 18 to 39 years.
A maximum of $10,000 a year can be contributed to the account,
with the account holder eligible to claim a tax deduction of up to
$1,000 for their contributions. There will be no tax on interest and
earnings on tax free home savings accounts.
Capital Gains Tax exemptions. Family members will be eligible for a
capital gains tax exemption when they enter into a shared equity
arrangement to help a relative buy their first home. The Coalition
will work with States and Territories to ensure that first home buyers
will still be eligible for the first home buyers grant through this
initiative.
Federal Government land releases to aid affordability.
The Coalition will sell 10 parcels of Commonwealth land,
totaling 961 hectares, in New South Wales, Victoria, Queensland, South
Australia and the Australian Capital Territory. This will deliver at
least 10,000 additional dwellings for home buyers.
New Infrastructure and Residential Approvals Programmes.
A re-elected Coalition Government will also take new initiatives to
assist state and local governments reduce the costs of community
infrastructure and avoid delays in the processing of land releases and
dwelling development applications.
|
Key Announcements 
