Downsizer contribution to superannuation

Downsizer contribution to superannuation

If you are selling your home, you should consider the superannuation downsizer contribution rules.

Subject to certain eligibility requirements, from 1 July 2018, individuals aged 65 years old or older may choose to make a downsizer contribution of up to $300,000 into superannuation from the proceeds of selling their primary residence.

The contract for the sale of their primary residence must be entered into on or after 1 July 2018.

There are certain reporting requirements that need to be complied with if an individual is making a downsizer contribution to superannuation.

Note! Age and work test restrictions do not apply to downsizer contributions.

Ref: Taxwise Individual News September 2019

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