From 1 January, more Australians will benefit from topping up their super if they sell their home with the expansion of the eligibility age for people to make downsizer contributions into their super.
“This is a really important way for Australians to boost their retirement savings if they downsize when the kids move out,” said Treasurer Jim Chalmers.
“Expansion of the downsizer scheme allows more Australians to use the equity they’ve built up in their homes to plan for retirement.”
Previously, people needed to be 60 or older to be eligible for the scheme.
Australians aged 55 and above can now contribute $300,000 to their superannuation account from the proceeds of the sale of a home.
A couple aged 55 and above can make a total contribution of up to $600,000 from the sale of their home, with each spouse contributing up to $300,000.
The downsizer scheme has the added benefit of freeing up housing stock for young families and individuals looking to buy a home.
Information about making downsizer contributions into superannuation and eligibility requirements can be found at the Australian Taxation Office website at ato.gov.au/downsizing
