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Downsizer super contribution

From 1 July 2018, eligible individuals 65 years and older may be able to contribute some of the proceeds of the sale of their home into super.

To be eligible, you must be 65 years old or older, you or your spouse must have owned your home for 10 consecutive years, the home must be in Australia (and cannot be a houseboat, mobile home or caravan) and the home must be exempt, partially exempt or entitled to an exemption from capital gains tax under the main residence exemption.

An individual can contribute up to $300,000 ($600,000 for a couple) and the contribution will not count towards concessional or non-concessional contribution caps.  A contribution must be made within 90 days of the change of ownership of the dwelling.

Before making a downsizer contribution, professional advice should be sought to ensure that the concession is available to your situation, that it is appropriate and that your super fund will accept a downsizer contribution.