The eligibility age to make a downsizer contribution will be reduced from 65 to 60 years of age. All other eligibility criteria that currently apply to downsizer contributions will continue to apply. To recap, the downsizer contribution rules allow individuals to make a one-off after-tax contribution to superannuation of up to $300,000 (or $600,000 per couple) from the proceeds of selling their home they have held for at least 10 years. Under the rules, both members of a couple can make downsizer contributions for the same home and the contributions do not count towards an individual’s NCC cap. Start date: 1 July 2022. Financial planners will be encouraging baby boomer clients to downsize and get the $600K into tax free super as a strategy.
The eligibility age to make a downsizer contribution will be...
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