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Did you know that you can potentially upsize your super when downsizing your home?
If you’re 55 or older and meet the eligibility requirements, you may be able to make a downsizer contribution into your super of up to $300,000 (each spouse) from the proceeds of selling your home.
If you’re interested in making a downsizer contribution there are a few things you may want to consider:
1. While there’s no maximum age limit, you must be at least 55 years old to qualify
2. Any contribution you make from the sale of your property into your super can’t be more than the total proceeds from the sale of your property
3. The sale must be of a house or apartment in Australia and excludes any form of mobile home.
4. Generally, the proceeds (capital gain or loss) from the sale of the home are either exempt or partially exempt from capital gains tax (CGT) under the main residence exemption.
5. You or your spouse must have owned the home for at least 10 years before selling.
6. The property must be in you or your spouse’s name (or both).
7. You make a downsizer contribution within 90 days of receiving the proceeds of sale.
8. This is the first time you have made a downsizer contribution to super.
9. You must provide your super fund with the ‘Downsizer contribution into super form’ form (available from your fund), either before or at the time of making the contribution into your account.
You don’t need to buy another home. It’s also important to note that:
It’s also worth noting that if one person in a couple owned the property, the non-owning spouse can still make a downsizer contribution, as long as they meet all of the other requirements.
There are a few things that need to be considered:
Before deciding if this strategy is right for you, it’s a good idea to speak with a financial adviser who can help provide advice and answer any questions you might have.
For more information and to read more about this Government initiative, please refer to Downsizing contributions into superannuation | Australian Taxation Office (ato.gov.au).
Any advice on this website is provided by Resolution Life Australasia Limited ABN 84 079 300 379, AFSL No. 233671 (Resolution Life), and is general advice and does not take into account your objectives, financial situation or needs. Before acting on this advice, you should consider the appropriateness of the advice having regard to your objectives, financial situation and needs, as well as the relevant product disclosure statement and/or policy document, available from Resolution Life at resolutionlife.com.au or by calling 133 731, before making a decision on whether to acquire, or continue to hold, the product.
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