Downsizer Contributions: $31.8B boost to retirement – Are you eligible?

The ATO has highlighted that around 123,000 individuals have made downsizer contributions since 2018, contributing $31.819 billion to super funds.

This is a powerful strategy for clients aged 55 years or over selling their home:

Contribute up to $300,000 per person from the sale proceeds into your SMSF or super fund
Couples can contribute up to $600,000 combined
It does NOT count towards your concessional or non-concessional contribution caps

For SMSF trustees and members considering a downsize, checking eligibility before you contribute is critical – ownership period, age and property requirements apply.

Full details on the ATO SMSF Newsroom – a valuable reminder for anyone planning a sale and retirement funding strategy.

Source: https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/self-managed-super-funds-smsf/smsf-newsroom/downsizer-contributions-offer-a-valuable-boost-to-retirement-savings

General info only. This is not personal tax advice. Tax laws change. You should seek advice specific to your circumstances from a registered tax agent before acting.