Bryce Figot explains that downsizer contributions are exempt from the $1.9 million transfer balance cap, irrespective of whether the property used for the contribution was the individual's current residence or not.
Already a subscriber?Q: Regarding your recent column on making non-concessional super contributions when you have reached the $1.9 million transfer balance cap , I thought the $300,000 downsizer contribution from the sale of a family home was exempt from the TBC. Is this true? I’m asking because I have another question about downsizer contributions .
In our case, it would be an apartment that we once lived in but now rent out, and will subsequently sell. Can you clarify this? Paul.Bryce Figot, a special counsel with DBA Lawyers in Melbourne, says although a person who has a total super balance of $1.9 million or more typically cannot make non-concessional contributions, downsizer contributions are indeed the exception to the rule. Of course, this is subject to them satisfying all the other criteria associated with downsizer contributions.
Superannuation Downsizer Contributions Transfer Balance Cap Non-Concessional Contributions Superannuation Balance
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