Date of article: 2 May 2018
Last updated: 14 November 2018
From 1 July 2018, individuals aged 65 and over will be able to make superannuation contribution up to $300,000 from the proceeds of selling their main residence.
These contributions will not count towards the concessional or non-concessional contribution caps and the individual making the contribution will not need to meet the existing age, work or $1.6m total superannuation balance tests for contributing to super.
The dwelling disposed must have been owned continuously for the past ten or more years, and have been the main residence. Both members of a couple can contribute to super from the proceeds of the disposal.
Note that there is no requirement to purchase another dwelling.
Criteria for a downsizer contribution
You must complete ATO form NAT 75073 Downsizer contribution into superannuation form (signed and dated) before or when your superannuation fund receives the contribution.
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