The Downsizing Super Contribution

The Downsizing Super Contribution

(you don’t have to be moving to a smaller house, just selling one!)

Conditions to be Met:

You must have owned the property for at least 10 years

The property needed to be your main residence at some point in time and be eligible for part or full main residence CGT exemption

The signing of the contract of sale must be on or after 1 July 2018

You must be 65 years or older at the time of the contribution

You must make the contribution within 90 days of settlement

Size of the Contribution

The lessor of the gross capital proceeds of sale or $300,000 each member

Consider Taxation and Centrelink (if applicable) implications before rushing to make this kind of contribution though

More detail can found here

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