Getting money into super
Downsizer contributions
Section: 2.12
2.12 Downsizer contributions
Key points
- Members aged 55 years and over can make superannuation contributions of up to $300,000 from the proceeds of selling their home
- The downsizer contributions are not included as non-concessional contributions and will not affect any contribution caps
- The downsizer contributions can still be made even if an individual's total super balance is greater than $1.9 million*
- The sale of any dwelling in Australia (other than a caravan, houseboat or mobile home) can qualify the member to make a contribution, as long as they have owned the dwelling for at least 10 years
- Both members of a couple will be entitled to take advantage of downsizer contributions.
Requirements
Requirements to make the downsizer contribution are: | |
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*The total super balanced was indexed by $200,00 to $1.9 million on 1 July 2023, up from $1.7million.
This technical resource is intended for the use of financial advisers only. It is current as at the date of publication but may be subject to change. This publication has been prepared without taking into account a potential investor's objectives, financial situation, needs or objectives. Before making a recommendation based on this material, you should consider its appropriateness based on the client's objectives, financial situation and needs. Rainmaker Group is not a registered tax agent under the Tax Agent Services Act 2009. Your client should refer to a registered tax agent before relying on information published herein that may impact their tax obligations, liabilities or entitlements.
Last modified: Wednesday, June 28, 2023