Description
This article explains the ‘downsizer contribution to super scheme’ which came into effect 1 July 2018. It covers the main rules of the scheme and the potential effects on super and the age pension.
Introduction
Thinking of selling your home? Since 1 July 2018 you may be eligible to contribute up to $300,000 ($600,000 for a couple) from the proceeds of the sale of your home to your superannuation fund.
This incentive, known as the ‘downsizer contribution’, is part of a federal government program to improve housing affordability. It offers a further opportunity for some home sellers to benefit from the tax advantages associated with superannuation. On the downside it may adversely affect eligibility for age pension.
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