Downsizer contribution

The main benefits of the downsizer contribution are that:

• It allows you to add to your super balance at any time, even after you've retired
• It's not included in your contribution caps, so you may still be able to make further contributions over and above the $300,000 downsizer contribution limit
• You can be any age above 60 years
• It is not counted as part of your super balance until the end of the financial year
• Joint owners can each contribute $300,000 to their individual super accounts
• Even if s/he is not on the title, a spouse can make a downsizer contribution as long as they fulfil all the other criteria.

The downsizer contribution rules require that:

• You must be over 55 years of age
• The property is an actual building (i.e. not a caravan)
• The property must be in Australia
• You must have owned it for at least 10 years
• It was your primary residence (i.e. exempt or partially exempt from Capital Gains Tax)
• You make the contribution within 90 days of receiving the money from the sale
• It is your first and only downsizer contribution
• You must complete the Downsizer contribution into super form and make sure the contribution form is with your super fund either before or when you make the contribution.