A favorable allowance announced in the 2018 Budget was the much talked about Downsizer Contribution.
From 1 July 2018 if you are 65 years or older and meet all the eligibility requirements you can choose to contribute up to $300,000 into super. That’s potentially up to $600,000 for a couple. What’s better is this downsizer contribution falls outside the scope of certain caps and restrictions currently in place – it is not a non-concessional contribution and is irrespective of your total super balance when making the contribution.
Please note there are those eligibility requirements to particularly heed to, such as needing to have owned the property for more than 10 years, there is some paperwork required to be completed, and you have 90 days after receiving the proceeds to contribute this downsizer contribution into super.
More information can be found at the link below:
