Are you eligible? Be in the know
Did you know that from the 1st of January 2023 if you are 55 years or older you are eligible to contribute up to $300,000 from the proceeds of the sale (or part sale) from your residential home into your super fund.
How are you eligible:
- The home must be in Australia, owned by you or your spouse for at least 10 years and the disposal must be exempt or partially exempt from capital gains
- You have not already made a downsizer contribution to your super funds from the sale of another home
- Your home is not a caravan, houseboat or mobile home
- Check that your super provider allows a contribution of $300,000
- You provide your super fund with the downsizing form prior to or at the time of contribution
- You make the downsizer contribution 90 days of receiving the proceeds from the sale
Also, we would encourage you to get in touch with your accountant, financial adviser or the ATO for full terms to see if this would suit you.
Lyon Conveyancing always here to help you with your property needs.