If you’re 65 years or over, the “downsizer” contribution scheme lets you contribute up to $300,000 of the proceeds from the sale of your home into your super, even if your total superannuation balance exceeds $1.6 million. However, if you’re ineligible, your contribution could count as a non-concessional contribution and you could breach your contributions cap. The ATO warns members to get it right and ensure they meet the stringent 10-year ownership and main residence exemption requirements. We can help you plan ahead for this important life decision.
