Disclaimer! The headline is not SuperGuide’s suggestion but the government’s latest convoluted idea for over-65s, which has become a reality. In December 2017, the ‘Contributing the proceeds of downsizing into superannuation’ measure became law.
From 1 July 2018, an Australian aged 65 years or over will be able to make non-concessional (after-tax) contributions into a super fund account (accumulation account), up to a maximum of $300,000, from the proceeds of selling his or her home. If a couple sells their home, they can contribute up to $300,000 each. The downsizing contributions will not count towards an individual’s annual non-concessional contributions cap.
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