The maximum annual government contribution
The maximum annual government contribution is based on the contribution threshold that is indexed periodically in $500 increments.
| Income year | Contribution threshold | Maximum government contribution |
| 2013-14 | $6,000 | $1,020 |
| 2012-13 | $6,000 | $1,020 |
| 2011-12 | $5,500 | $935 |
| 2010-11 | $5,500 | $935 |
| 2009-10 | $5,000 | $850 |
| 2008-09 | $5,000 | $850 |
Changes to first home saver accounts
The Federal Government abolished first home saver accounts effective 1 July 2015.
Here are details of the changes the Government made:
- Accounts opened after 7:30pm Tuesday 13 May 2014 are not entitled to a government contribution.
- Existing account holders are not eligible for a government contribution on personal deposits made after the 2013-2014 financial year.
- Tax and social security concessions ceased on 1 July 2015.
- Restrictions on withdrawals were removed on 1 July 2015.
Existing first home saver accounts have now been converted to ordinary savings accounts. If you had a first home saver account and are unsure what has happened to it check with your account provider.
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