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.

• 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.