The downsizing contributions into superannuation was introduced in the 2017-2018 Budget as part of the Government’s reforms to reduce pressure on housing affordability. This allows people who are 65 years and over to make a contribution into their superannuation after selling their home.
You can make a downsizer contribution up to a maximum of $300,000 if you satisfy all of the following:
Downsizer contributions are not tax deductible and will be taken into account for determining eligibility for the age pension.
Your downsizer contribution is not count towards either your non-concessional contribution or concessional contribution caps. You can still make the contribution even if you have a total super balance greater than $1.7 million.
However, the downsizer contribution will count towards your Transfer Balance Cap, currently set at $1.7 million. Please click the button below for more
Superannuation Warehouse is based in Melbourne and have clients throughout Australia. We deliver our SMSF administration services in an efficient and paperless way. This efficient service means a competitive fee to you. Our low ongoing fees will enable you to take control of your Super.
Superannuation Warehouse is an accounting firm and do not provide financial advice. All information provided has been prepared without taking into account any of the Trustees’ objectives, financial situation or needs. Because of that, Trustees are advised to consider their own circumstances before engaging our services.
© 2010 - 2022 Superannuation Warehouse : All Rights Reserved
Design By Webplanners