Posted on 16 March '18 by , under Super.
As of 1 July 2018, the Government will introduce a new measure that allows the contribution of up to $300,000 of proceeds from downsizing a home to be added to superannuation.
The new measure will benefit those aged 65 years and over, provided they meet certain eligibility rules including:
- The amount you are contributing is from the proceeds of selling your home where the contract of sale was exchanged on or after 1 July 2018.
- Your home was owned by you or your spouse for 10 years or more prior to the sale.
- Your home is in Australia and is not a caravan, houseboat or other mobile home.
- The proceeds from the sale of the home (capital loss or gain) are exempt or partially exempt from CGT under the main residence exemption, or would be entitled to such exemption if the home was a CGT rather than pre-CGT asset.
- You have provided your super fund with the downsizer contribution form either before or at the time of making your downsizer contribution.
- You make your downsizer contribution within 90 days of receiving the proceeds from the sale (usually the date of settlement).
- You have not previously made a downsizer contribution to your super from the sale of another home.