Contributing the proceeds of downsizing to superannuation
Downsizer contributions - Overview
One of the measures to reduce pressure on housing affordability proposed in the 2017 Federal Budget allowed the contributions from proceeds of downsizing your home into superannuation and passed both houses of Parliament and received Royal Assent in December 2017.
The measure allows an individual to use the proceeds in relation to one sale of their main residence to make contributions ('downsizer contributions') of up to $300,000 to their superannuation provider if they are 65 years of age or over. Downsizer contributions can be made regardless of the other contributions caps and restrictions that might apply to making voluntary contributions.
The measure starts on 1 July 2018 and applies to dwellings that have been owned for 10 years, where the exchange of contracts for their sale occurs on or after that date.
Last modified: Tuesday, January 23, 2018