Making downsizer contributions into super
If you’re over 55 and looking to boost your retirement savings, you may be eligible to make a super contribution of up to $300,000 from the sale proceeds of your primary residence.
On 1 January 2023, the age when eligible Australians qualify to make downsizer contributions was reduced from 60 to 55. For those who qualify, it can be an opportunity to top up your super balance to capture potential tax-exempt future investment returns when you turn 60 and may be eligible to commence a retirement phase income stream.
So, if you’re considering selling your home and using downsizer contributions, here’s what you’ll need to know: