WebThere are four broad steps that need to be taken if a member would like to be eligible to make downsizer contributions. Step 1: Eligibility The first step the member needs to take is to confirm that their contributions will be eligible downsizer contributions. Broadly, an eligible downsizer contribution is where: WebJan 1, 2024 · The eligibility age was previously 60. This means that eligible individuals aged 55 years and older can now choose to make a downsizer contribution into their super fund of up to $300,000 per person or $600,000 per couple, from the proceeds of selling their home. Speaking to SMSF Adviser, SMSF Association deputy chief …
Downsizer contributions - Boost your super MLC
WebNov 13, 2024 · Step 1: Eligibility. The first step is to confirm that the amount will constitute an eligible downsizer contribution. Broadly, an eligible downsizer contribution is … WebMar 17, 2024 · Eligibility You and your spouse (if aged 65 or older) can contribute up to $300,000 each into super if you meet the following 10 conditions: 1 – You or your spouse sell your home and not just land. 2 – The contract of sale is exchanged on or after 1 July 2024; 3 – The home is fully or partially exempt under the main residence CGT exemption. the freedom fund kenya
Downsizer contributions –– the basics and some key tips and traps ...
WebSince the 2024 reforms, the superannuation industry has experienced contribution changes at the commencement of each financial year, as well as part way through the year as is the recent case with ... WebThe downsizer contribution allows eligible Australians aged 55 or older to sell their home and contribute up to $300,000 ($600,000 for couples) of the proceeds into their super. How do I make a Downsizer contribution? Complete the downsizer contribution form on the ATO website. What are the benefits? WebWhat is Downsizer Contribution? Downsizer contributions are contributions made by members from the proceeds of selling their home. The eligible age to make a Downsizer Contribution is as follows: From 1 July 2024, 65 years old or older. From 1 July 2024, 60 years old or older. From 1 January 2024, 55 years old or older. the freedom formula review