More and more Australians are seeing the benefits of selling the family home in favour of downsizing to a smaller house, or even an apartment. To facilitate this, the Australian Government are offering generous financial incentives for those who are ready to downsize.

Reducing Barriers to Downsizing

From July 1 2018, individuals aged 65 and over who meet eligibility requirements can make a downsizing contribution of up to $300,000 each from the proceeds of selling their home, into their superannuation. Each member of a couple can contribute $300,000 (limited by the sale price), even if one spouse’s name is not on the title, so long as the other eligibility criteria are met.

Am I eligible?

Eligibility is determined by a number of factors, not limited to:

  • You are 65 years old or over at the time you make a downsizer contribution (there is no maximum age limit).
  • The amount you are contributing is from the proceeds of selling your home where the contract of sale was exchanged on or after 1 July 2018.
  • Your home was owned by you or your spouse for 10 years or more prior to sale.

More information can be found here



Sign up for our eNewsletter and receive great information, hints and tips straight to your inbox!