Under new rules, from 1 July 2018. Proceeds from the sale of your home of up to $300,000 per person can be used to top up your super without affecting contribution caps. This can make a significant difference to your super outcome.
Of course rules apply.
To be eligible you must:
- Be 65 years or older at the time you make a downsizer contribution
- Have owned your home for ten years or more and it must be your main residence
- Provide your super fund with a downsizer contribution form
- Make the contribution from the proceeds of the sale of your home with the contract of sale exchanged (signed) on or after 1 July 2018
- Make your downsizer contribution within 90 days of settlement
- The amount cannot be greater than the proceeds of the sale and you only have one lifetime opportunity to make a downsizer contribution
- You will not be able to make a contribution from any subsequent property sales
Please note:
The information contained in this article does not constitute financial product advice. However, to the extent that the information may be considered to be general financial product advice, REI Super advises that REI Super has not considered any individual person’s objectives, financial situation or particular needs.
Individuals need to consider whether the advice is appropriate in light of their goals, objectives and current situation. Members should obtain and read the Product Disclosure Statement for REI Super before making any decisions.
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