Q: I have no existing super fund. Can I make a contribution to a super fund from the proceeds of the sale of an investment property? I am over 75 years of age.
A: The key here is the age restriction on making contributions to super. Really, from age 75, the only real contributions that can be made to super are what we call downsizer contributions. Downsizer is a relatively new scheme that the government put in a number of years ago that said you can sell your home and contribute up to $300,000 per member of the couple into super as a downsizer contribution. There’s actually no upper age limit on that.
There is a lower threshold, and it’s actually dropping to age 60 from 1 July 2022, currently 65 (Update: From 1 January 2023, this new lower age threshold was dropped to age 55 from age 60). But there’s no upper limit. So at 75, you could make a downsizer contribution.
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