If you’re aged 65 or more and sell a property that has been your main residence for 10 or more years, you may be able to contribute some of the proceeds to your super account¹.
You want to sell your home and use the money to boost your retirement savings.
Bi'nh and Sui-Lee are 77 and 70 and retired. They sell their home on
20 August 2020 after owning it for 12 years and receive $1.2 million.
They can both make a non-concessional super contribution of $300,000 ($600,000 in total). They can do this even though Sui-Lee doesn’t meet the contribution 'work test' and Bi`nh is over 75 (which are some of the eligibility rules that apply to personal non-concessional contributions).
They can make these contributions regardless of how much they already have in their super accounts and the contributions won’t count towards the non-concessional contributions cap. Also, it wouldn’t matter if the house was only owned by one of them.
1. Subject to eligibility criteria.
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