The ATO has reminded taxpayers that, from 1 July 2022, people aged 60 years and over will be 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 latest announcement has not become law.
Accordingly, contributions received on or after 1 July 2022 from members who are 59 and below will: