On 1 July, 2018, the downsizer contribution was introduced. This allows eligible individuals to contribute up to $300,000 from the proceeds of the sale of their home, without impacting contribution caps.

As part of the 2021-22 federal Budget, the Treasurer announced that they will reduce the eligibility age for downsizer contributions from 65 to 60 years old. This was given royal assent last month and passed into law.

From 1 July, 2022, eligible individuals aged 60 years or older can choose to make a downsizer contribution into their superannuation of up to $300,000 per person ($600,000 per couple) from the proceeds of the sale of their family home.

Talk to us if you think this is something that you would like to consider and we can advise on your suitability.