More Australians making use of downsizer contributions

The ATO has reported that around 123,000 individuals have made 'downsizer super contributions' since the scheme commenced in 2018, contributing more than $31 billion to super funds.

Broadly, where the various requirements are satisfied, eligible individuals aged 55 years or older can contribute up to $300,000 from the sale of their home into super.  Eligible couples may be able to contribute up to $600,000 combined.

Harper Group Pty Ltd – Chartered Accountants Frankston - Ph 9770 1547

Disclaimer: All information provided in this article is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.

Please note we at Harper Group Pty Ltd are not licensed to provide financial product advice under the Corporations Act 2001 (Cth) and taxation is only one of the matters that must be considered when making a decision on a financial product, including on whether to make superannuation contributions. You should consider taking advice from the holder of an Australian financial services licence before making a decision on a financial product.