What is the Downsizer contribution?
If you are aged 65 or over and have recently sold your home, you may be able to make a voluntary super contribution of up to $300,000 from the proceeds of sale. Eligibility criteria apply.
Downsizer contributions do not count towards contribution caps and you will not need to meet the work test.
However, Downsizer contributions do count toward the $1.7m transfer balance cap for transferring super into the retirement phase.
There are a number of requirements to assess your eligibility for the Downsizer contribution. You can read more about the eligibility requirements on the ATO website here.
You should consider speaking with a professional financial advisor before making any financial decisions.
*Note: From 1 July 2022, eligible individuals aged 60 years or older can choose to make a downsizer contribution into their superannuation of up to $300,000 per person ($600,000 per couple) from the proceeds of selling their home. Please see the following ATO article for more information.*