Downsizer contributions age changes from 1 July 2022
From 1 July 2022, people aged 60 years and over became eligible to make downsizer contributions of up to $300,000 per person ($600,000 per couple) from the sale proceeds of their home into their super.
For downsizer contributions made prior to 1 July 2022, eligible individuals must have been aged 65 years or older at the time of making their contribution.
Eligible downsizer contributions do not impact or count towards the member’s concessional or non-concessional super contribution caps.
During the 2022 Federal election, the previous Coalition Government announced it would support a further reduction to the downsizer eligibility age to 55 years. However, this announcement has not become law. Accordingly, contributions received on or after 1 July 2022 from members who are 55 to 59 are:
- ineligible for treatment as downsizer contributions; and
- generally count towards either the member’s non-concessional or concessional superannuation contributions caps.
Superannuation is one of those areas that can be compared to a cart on a rollercoaster. Its performance is constantly affected by economic climate and shifting legislation that alter the benefits individuals and businesses can gain from superannuation funds. There are a lot of advantages available to you and your business and we are here to assist you in finding out what those are. Contact the Omnis Group team in West Perth on 08 9380 3555 or read more here »