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
Centra Wealth Group
Take The Next Step, Book an Appointment
Contact Us

Zac Zacharia (Managing Director) has been assisting clients to create wealth and secure their futures for over 14 years.

He is also an accomplished presenter and educator

Co-authoring the popular investment book, Property vs Shares.