Downsizer contributions & FHSSS Scheme

Downsizer contributions

Triple S, Super SA Select, Flexible Rollover Product and SA Ambulance Scheme members

Looking to downsize your home?

The Government is encouraging those 65 and older to downsize their homes and contribute the proceeds of the sale of their home into superannuation. Older Australians will be provided with greater flexibility to use superannuation to boost their retirement savings.

Who can apply?

To make a downsizer contribution, you must have entered into the contract of sale on or after 1 July 2018, and owned the home for 10 years or more. Additional criteria does apply, please refer to the ATO website for a full list of criteria. Members of Triple S, Super SA Select, Flexible Rollover Product and SA Ambulance Scheme are eligible to apply. Members will be able to contribute up to $300,000 into super using this measure. A downsizer contribution will not count towards a member’s non-concessional or concessional contribution caps.

How do you apply?

If you wish to make a downsizer contribution to your account, you will need to complete the required ATO “Downsizer contribution into superannuation form” available on the ATO website and make an EFT payment to Super SA for the amount of the contribution within 90 days of receiving the proceeds of the sale. For EFT details contact Super SA.

Want to know more?

Details on the eligibility criteria and further information is available on the ATO website here.

 

First Home Super Saver Scheme (FHSSS)

Super SA Select and Flexible Rollover Product members only

Looking to buy your first home?

The Government will help Australians boost their savings for their first home by allowing them to build a deposit inside superannuation. This scheme may help first home buyers save faster due to the concessional tax treatment within super.

Who can apply?

From 1 July 2018, Super SA Select members and Flexible Rollover Product investors can apply to release voluntary contributions (salary sacrifice or after tax) made from 1 July 2017, along with associated earnings, to help purchase their first home. Applicants must also be over the age of 18 and have not owned a property within Australia before. Due to the special tax status, members within other Super SA schemes (e.g. Triple S) are unable to take advantage of the First Home Super Saver Scheme.

How do you apply?

The Scheme is managed by the ATO and eligible contributions made from 1 July 2017 onwards could count and potentially be withdrawn from 1 July 2018. However, applicants must apply to the ATO before the purchase of a property.

Want to know more?

Eligibility criteria and further information is available on the ATO website here.