If you’re aged 65 or more and sell a property that has been your main residence and owned
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 2021 after owning it for 12 years and receive $1.2 million. Neither have made a downsizer contribution in the past.
They can both make downsizer contribution of up to $300,000 each ($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.
1. Subject to eligibility criteria.
Any advice and information on this website is general only, and has been prepared without taking into account your particular circumstances and needs. Before acting on any advice on this website you should assess or seek advice on whether it is appropriate for your needs, financial situation and investment objectives.
Any general tax information on this website is intended as a guide only and is based on our general understanding of taxation laws. It is not intended to be a substitute for specialised taxation advice or an assessment of your liabilities, obligations or claim entitlements that arise, or could arise, under taxation law, and we recommend you consult with a registered tax agent.
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