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.
 
 
 
 
 
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IT Financial Services, ABN 48 097 884 976, is an Authorised Representative of Apogee Financial Planning. Apogee Financial Planning Limited ABN 28 056 426 932 is an Australian Financial Services Licensee and has its registered office at 105 - 153 Miller Street North Sydney NSW 2060. A member of the National group of companies.