55 year olds can now make Downsizer Superannuation Contributions

As of 1 January 2023, those of us over 55 yo can now make Downsizer Super Contributions of up to $300,000 each from the sale of a family home owned for more than 10 years. The age threshold was originally 65 yo when the scheme was introduced in 2018.

These contributions are not tax deductible, but allow more retirement savings to be transferred into the tax-favoured superannuation environment.

Downsizer contributions do not erode your basic annual $27,500 tax deductible or $110,000 non-deductible contribution caps.

So should you make a Downsizer Contribution if you have surplus funds after selling the family home? Like most accountants, we are not licensed to give financial product advice, but we know a good guy who is!