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If you’re 55 years or older and selling your main residence, you may be able to contribute up to $300,000 into your super using the money from the sale. This is particularly handy if you haven’t had the chance to save enough funds for retirement.
You can do this regardless of your work status, super balance or contributions history. It’s not subject to any work test, upper age limit or other contribution cap, but it may count towards your transfer balance cap. This cap is applicable when you move your super balance from accumulation/super savings into retirement phase. Even better, both you and your spouse can take advantage, meaning you may be able to contribute up to $600,000 as a couple.
To make a downsizer contribution, you must meet the following requirements:
• You or your spouse have owned the home for at least 10 years before the sale
• The home is in Australia and is or would be exempt or partially exempt from capital gains tax under the main residence exemption
• The home is not a caravan, houseboat or any other mobile home
• You must make this contribution into your super fund within 90 days of receiving the proceeds of sale (usually settlement date) and
• You have not made a downsizer contribution before.
To read more about this type of contribution refer to the ATO website.
To make this contribution, complete the Downsizer contribution form.
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.
The Target Market Determinations (TMDs) for our financial products (where applicable) can be found at Target Market Determinations (TMDs). The TMDs describe the key features and attributes of an applicable product that affect whether it is likely to be consistent with the objectives, financial situation and needs of consumers in the target market.
Resolution Life is part of the Resolution Life Group and can be contacted via contact us or by calling the phone number mentioned above.