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 attach a cheque/money order for the amount of the contribution within 90 days of receiving the proceeds of the sale.
Want to know more?
Details on the eligibility criteria and further information is available on the ATO website here.