Downsizing contributions into superannuation
If you have reached the eligible age, you may be able to contribute up to $300,000 from the proceeds of the sale (or part sale) of your home into your superannuation fund.
The eligible age is as follows:
- From 1 January 2023, 55 years old or older
- From 1 July 2022, 60 years old or older
- From 1 July 2018, 65 years old or older
There is no maximum age limit.
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’.
If you are eligible and looking to downsize give us a call! We can help you achieve a premium price for our own home and find the home you are looking for.