New Age for Downsizer Super Scheme

New Age for Downsizer Super Scheme

Hello Chasers,

If you have one eye on retirement and the other on your superannuation balance and are in your mid-fifties then this blog is for you.

Anyone over 55 will be able to make downsizer super contributions after tax amendments passed Parliament last week and the revised rule could apply as soon as October.

These changes will allow more Australians to make a one-off post-tax contribution of up to $300,000 per person when they downsize and sell their family home.

This change is designed to increase the availability of suitable housing for growing Australian families by encouraging more older Australians to downsize to homes that better meet their needs.

To be eligible, the home must have been owned for at least 10 years, be exempt or partially exempt from CGT under the main residence exception, and the money must be put into super within 90 days of settling the sale. Couples can contribute twice the $300,000 maximum amount but the scheme can be used only once.

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