Wealth for Life Financial Planning Logo

Latest News

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