Downsizer Super Contribution
Australians who are 65 years old or older may make a downsizer contribution into their superannuation of up to $300,000 from the proceeds of seeling their home.
The downsizer contribution can still be made even if the contributor has a total superannuation balance (TSB) greater than $1.6 million.
A few points are:-
- will not affect the TSB until 30 June at the end of the financial year
- can only be made for the sale of one home
- not tax deductible and will be taken into account in determining eligibility of the Age Pension
- there is no requirement to purchase another home
- must have held an ownership interest in the home for 10 years
- limited to the lesser of $300,000, or the total capital proceeds received from the sale of the interest in the home
- can be both owners (i.e. $300,000 each)
- within 90 days of the change of ownership.
Early planning will ensure you don’t miss the boat.
AcctWeb
Hot Issues
- ATO encourages trustees to use voluntary disclosure service
- Beware of terminal illness payout time frame
- Capital losses can help reduce NALI
- Investment and economic outlook, August 2024
- What the Reserve Bank’s rates stance means for property borrowers
- How investing regularly can propel your returns
- Super sector in ASIC’s sights
- Most Popular Operating Systems 1999 - 2022
- Our investment and economic outlook, July 2024
- Striking a balance in the new financial year
- The five reasons why the $A is likely to rise further - if recession is avoided
- What super fund members should know when comparing returns
- Insurance inside super has tax advantages
- It’s never too early to start talking about aged care with clients
- Capacity doubts now more common
- Most Gold Medals in Summer Olympic Games (1896-2024)
- SMSF assets reach record levels amid share market rally
- Many Australians have a fear of running out
- How to get into the retirement comfort zone
- NALE bill passed by parliament
- Compliance focus impacts wind-ups
- LRBA interest rates increase for 2025
- Income-free areas set to increase from 1 July
- Most Spoken Languages in the World
- Middle-to-higher incomes boosting SMSF growth
- Investment and economic outlook, May 2024
- Transitioning into retirement: What you should know
- Plan now to take advantage of stage 3 tax cuts
- Deeming freeze a win for Age Pensioners
Article archive
- April - June 2024
- January - March 2024
- October - December 2023
- July - September 2023
- April - June 2023
- January - March 2023
- October - December 2022
- July - September 2022
- April - June 2022
- January - March 2022
- October - December 2021
- July - September 2021
- April - June 2021
- January - March 2021
- October - December 2020
- July - September 2020
- April - June 2020
- January - March 2020
- October - December 2019
- July - September 2019
- April - June 2019
- January - March 2019
- October - December 2018
- July - September 2018
- April - June 2018
- January - March 2018
- October - December 2017
- July - September 2017
- April - June 2017
- January - March 2017
- October - December 2016
- July - September 2016
- April - June 2016
- January - March 2016
- October - December 2015
- July - September 2015
- April - June 2015
- January - March 2015
- October - December 2014
July - September 2019 archive
- SMSFs attract younger members
- Heed restrictions on downsizer contributions
- Access to more resources and tools than most websites.
- Valuations key to avoiding NALI restrictions
- SMSF advice appetite strong, says ASIC
- For a smoother path to investment success, diversify
- How's Australia doing statistically?
- LRBA changes mostly affect Melbourne, Sydney retirees
- Lessons from the 2019 Index Chart
- The global economy at midyear: How our views have changed
- The biggest global corporations since 1998
- ‘Retrospective’ LRBA measures tipped to cause headaches
- Downsizer Super Contribution
- Keep track of how Australia is really ticking over.
- Insights from the 2019 Vanguard / Investment Trends SMSF survey
- What falling interest rates mean for investors
- ATO releases ‘welcome guidance’ on death benefit income streams
- Super growth reducing age pension drawdown
- Big four firm outlines new financial year checklist for SMSFs
- Asset allocation as you age
- Australia - the story goes on.
- Consolidate your super and save
- Critical documentation steps flagged with switching SMSF loans
- Good investment habits versus damaging biases
- Control considerations flagged with death benefit pensions for children
- Interest rate for SMSF loans set to rise under safe harbour terms