From 1 July 2018, if you are 65 years old or older and meet the eligibility requirements, you may be able to choose to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home.
? Your downsizer contribution is a great opportunity to boost your super balance.
? If you sell your home, are eligible and choose to make a downsizer contribution, there is no requirement for you to purchase another home.
? There is no work test or upper age limits apply
? The downsizer contribution can still be made even if you have a total super balance greater than $1.6 million.
? Your downsizer contribution is not a non-concessional contribution and will not count towards your contribution caps.
? Your downsizer contribution will not affect your total superannuation balance until your total super balance is re-calculated to include all your contributions, including your downsizer contributions, on 30 June at the end of the financial year.
? The downsizer contribution will count towards your transfer balance cap, currently set at $1.6 million. This cap applies when you move your super savings into retirement phase.
? You can only access the downsizer scheme once. This means you can only make downsizing contributions for the sale or disposal of one home, including the sale of a part interest in a home. You can't access the downsizer scheme again where there is a subsequent sale or disposal.
? Downsizer contributions are not tax deductible and will be taken into account for determining eligibility for the age pension.
We will update more about downsizing contribution next week.
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Source: ATO
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