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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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26th-August-2019