Downsizer Super Contributions - change from 1 July 2022
From 1 July 2022, people aged 60 years and over may be eligible to make downsizer contributions of up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their super. Previously the eligible age was 65.
Some of the eligibility criteria you must satisfy are:
The home must be in Australia, have been owned by you or your spouse for at least 10 years and the disposal must be exempt or partially exempt from capital gains tax (CGT).
You have not previously made a downsizer contribution to your super from the sale of another home or from the part sale of your home.
Prior to (or at the same time) as making your contribution you must provide your fund with the "downsizer contributions into super form".
As always, we're here to help, if you have any questions in relation the downsizer contributions and for more information on the eligibility criteria please contact our office on +617 5443 1432.