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For many older Australian homeowners, the downsizer contribution option allows them to boost their retirement savings with earnings from the sale of their homes.
As of 1 July 2022, the minimum age for people eligible for the downsizer scheme will be reduced from 65 to 60.
This means that after this date, homeowners aged 60 or above can contribute up to $300,000 to their superannuation from the sale of their homes.
Who is eligible?
Besides the eligibility age, there are other criteria you must meet in order to qualify for the downsizer scheme. These are as follows:
Please note, if the home sold was only under your spouse’s name, you may also make a downsizer contribution, or have one made on your behalf, if you meet the above requirements.
It is also worth remembering that the $300,000 contribution limit applies to each spouse. So regardless of the total proceeds received from the sale, each spouse can contribute up to $300,000 each into their individual super funds.
Need more information?
To find out more about the downsizer scheme, eligibility criteria, how much you can contribute, and how to make contributions, please refer to the ATO website.
This article was previously prepared and published by AIA Australia Limited ABN 79 004 837 861 (AIA Australia) prior to Resolution Life’s acquisition of AIA Australia’s Superannuation & Investment life insurance on 1 July 2023.