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