As part of its superannuation changes, the Morrison Government is extending access to its downsizer contributions scheme by lowering the minimum age from 65 to 60, from 1 July next year.
The ATO first introduced the Downsizer contributions into personal superannuation in July 2018. The purpose is for people who have lived in their homes for at least 10 years to be able to make a contribution of up to $300,000 (each) from the proceeds of the sale to their superannuation. The current age for eligibility is 65 years. A couple could contribute up to $600,000, as long as the amount does not exceed the proceeds of the sale of your home.
This is an added sales tool for land lease operators and CAPs (Community Apartment Projects).
