Further eligibility age change for downsizer contributions

February 8, 2023 | Robyn Bull

In another recent legislative change, the eligibility age to make a downsizer contribution into superannuation has been reduced to 55 from 1 January 2023.

This further reduces the downsizer eligibility age, which changed from 65 to 60 from 1 July 2022.

From 1 January 2023, eligible individuals aged 55 years or older can choose to make a downsizer contribution into their super fund of up to $300,000 per person ($600,000 per couple) from the proceeds of selling their home that has been held for at least 10 years and qualifies for at least a partial main residence exemption.

There are no changes to the remaining eligibility criteria.

Key dates for downsizer contributions:

Other important information to consider for 55-59 year olds:

Unlike most other contributions into superannuation, there is no upper age limit for being eligible to make a downsizer contribution.  Even a 95 year could make a downsizer contribution, and there is no need to satisfy the work test!

 

 

 

 

 

 

Thumbnail image credit: <a href=”https://www.freepik.com/free-vector/sale-concept-illustration_4957190.htm#query=sell%20house&position=9&from_view=search&track=sph”>Image by storyset</a> on Freepik