GN 2018/2Downsizer contribution – This guidance note contains general information and examples. From 1 July 2018, individuals 65 years old or older may be eligible to make a downsizer contribution into their superannuation of up to $300,000 from the proceeds of selling their home.
A downsizer contribution is not counted towards the concessional or non-concessional contribution caps. You can make a downsizer contribution even if you have a total super balance above the general transfer balance cap (currently $1.6 million). However, once you have made a downsizer .
8/26/2020 · Where an individual uses the capital proceeds to discharge a mortgage, the individual is still able to make a downsizer contribution up to the lesser of $300,000 or the total capital proceeds. So in the LCR case, if a couple sell a property for a total $700,000 and discharge a mortgage of $500,000 leaving actual sale proceeds of $200,000 they can still contribute up to $300,000 each ($600,000).
• Super Guidance Note SPR GN 2018/2, which contains detailed general information and examples for individuals. Section 292-102 of the Income Tax Assessment Act 1997 (ITAA 1997) allows individuals aged 65 or over to make a downsizer contribution of up to $300,000 (not indexed) from the proceeds of selling their home. This measure took effect on 1 July 2018 (for contracts of sale entered into from.
9/8/2017 · Above-cap downsizer contributions for over 65 year olds – from 1 July 2018. In a series of superannuation measures directed at improving access to home ownership, the government will allow a person aged 65 or over to make non-concessional contributions (“ downsizer contributions”) of up to $300,000 from the proceeds of one sale of a main residence.
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