Downsizing your home
Sell your family home and top-up your super
Many Australians decide to downsize their home in the latter years to simplify their life. But now – there is an added incentive!
From 1 July 2018, those who are 65 years and older can make an after-tax contribution to their super of up to $300,000 from the sale proceeds of their family home (of at least 10 years). If you’re in a couple – both individuals can contribute up to $300,000 each.
Your downsized contribution will not count towards your contributions caps or be affected by the total superannuation balance test in the year you make it. To check whether you’re eligible and to learn more, click here.
Our Statewide Super Financial Planners are always on hand to help you understand how this strategy may impact on your overall financial situation. To make an appointment click here.