- April 11, 2018
What is Downsizing contribution means here?
Contributing into superannuation the proceeds from sale of main residence owned by you or your
spouse for 10 years or more prior to the sale.
Essential criteria for the downsizer measure:
- Age must be at least 65 years or more at the time of making downsizer contribution
- Contract of sale must be after 01 July 2018
- Make your downsizer contribution within 90 days of receiving the proceeds of sale
- Home must be in Australia and does not include caravan, houseboat or other mobile
If eligible, you can make a downsizer contribution up to a maximum of $300,000. The contribution
amount can’t be greater than the total proceeds of the sale of your home. However, each spouse
can make contribution up to $300,000.
You may make multiple downsizer contributions from the proceeds of a single sale.
However, the total of all your contributions must not exceed $300,000 or the total proceeds of the
sale less any other downsizer contributions that have been made by your spouse.