Downsizer Super Contribution

Australians who are 65 years old or older may make a downsizer contribution into their superannuation of up to $300,000 from the proceeds of seeling their home.

The downsizer contribution can still be made even if the contributor has a total superannuation balance (TSB) greater than $1.6 million.

A few points are:-

will not affect the TSB until 30 June at the end of the financial year
can only be made for the sale of one home
not tax deductible and will be taken into account in determining eligibility of the Age Pension
there is no requirement to purchase another home
must have held an ownership interest in the home for 10 years
limited to the lesser of $300,000, or the total capital proceeds received from the sale of the interest in the home
can be both owners (i.e. $300,000 each)
within 90 days of the change of ownership.

Early planning will ensure you don’t miss the boat.

AcctWeb

Any advice contained in this website is of a general nature only and does not take into account your circumstances or needs. You must decide if this information is suitable to your personal situation or seek advice.

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