If you’re 55 or over, you may be able to make a downsizer superannuation contribution to boost your retirement savings by up to $300,000.
Unlike other types of super contributions, there’s no maximum age limit, requirement to meet a work test, or total super balance limit, which makes theJust because you’re not living in the property when you sell, it doesn’t mean you can’t qualify for a downsizer contribution.
So, while a downsizer contribution may sound like the obvious choice when selling a home, it’s worth weighing up your options. This might include considering whether there could be a benefit to making different types of contributions using your sale proceeds.
Depending on what you’ve contributed previously, this could mean a personal deductible contribution of up to $162,500 this financial year. Check your eligibility by logging into your myGov account. You could instead consider making contributions using your concessional or non-concessional contribution caps, if eligible. This could benefit you if you have or will have a high total super balance in the future, or you’ll be over 75 when you sell the other property down the track, meaning you may not be eligible to make other types of contributions at that time.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Best-selling men’s hiking shoes under $300 on Amazon Australia7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Mark Zuckerberg joins exclusive $300 billion club, is second-richest person in worldThe Meta CEO is now the second-richest person in the world, overtaking Jeff Bezos and Bernard Arnault.
Read more »
Women in pelvic mesh class action waiting for payouts more than a year after $300 million settlementSarah Ferguson presents Australia's premier daily current affairs program, delivering agenda-setting public affairs journalism and interviews that hold the powerful to account. Plus political analysis from Laura Tingle.
Read more »
Get the ultimate cordless vacuum cleaner for under $300: ‘It’s a high-quality product with top-tier performance’7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »
Women in pelvic mesh class action still waiting for payouts more than a year after $300 million settlementThousands of Australian women who won a landmark class action settlement more than a year ago over damage done by pelvic mesh have still not received any compensation.
Read more »
Forget An Apple For The Teacher – AirPods, $300 Watch And Dom Perignon Among Gifts Given To Queensland School StaffA review of gift and benefits registers for Queensland public schools reveals that teachers received nearly $50,000 worth of presents in the past year, including expensive items like Apple AirPods, a $300 watch, and even Dom Perignon champagne.
Read more »