elderly-old-person, Walker Wayland

Jul 2017 1 Minute

Over 65s reducing barriers to downsizing

Over 65s reducing barriers to downsizing

Date of effect

1 July 2018

Maximum Contribution

$300,000 per member - non-concessional contributions


This non‑concessional contribution can be made from the proceeds of selling your home from 1 July 2018 and will be excluded from the existing age test, work test and the $1.6 million balance threshold. However, it will not be exempt from the $1.6m transfer balance cap.

The measure will apply to sales of a principal residence owned for the past ten or more years.

Sale proceeds contributed to superannuation under this measure will count towards the Age Pension assets test.

 

Click here to view ATO Fact Sheet on Reducing barriers to downsizing.